12/13/2024 | Press release | Distributed by Public on 12/13/2024 14:46
Item 4.02. Non-Reliance on Previously Issued Financial Statement or Related Audit Report or Completed Interim Review.
As disclosed in the Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on November 26, 2024 (the "Original Filing"), on or about November 22, 2024, the management of FutureTech II Acquisition Corp. (the "Company") and the Audit Committee (the "Audit Committee") of the Board of Directors of the Company, in consultation with the Company's legal counsel and accountant, discovered accounting errors in connection with (i) the redemption prices that the Company paid to the previous redeeming stockholders and (ii) the Extension Loans made by FutureTech II Partners LLC (the "Sponsor") to the Company and the accounting recognition of such Extension Loans, as more fully disclosed in the Original Filing.
As disclosed in the Original Filing, the discovery of accounting errors mentioned above triggered a review of the Company's prior financial statements and Company's controls over financial reporting (the "Review").
Based on the Review, the management and the Audit Committee concluded that the financial statements for following periods (collectively, the "Affected Periods") were affected and should no longer be relied on, and should be amended and restated:
(i) | financial statements as of and for the period ended September 30, 2023 (the "Q3 2023 Financial Statements"); | |
(ii) | financial statements as of and for the period ended March 31, 2024 (the "Q1 2024 Financial Statements"); | |
(iii) | financial statements as of and for the period ended June 30, 2024 (the "Q2 2024 Financial Statements"); and | |
(iv) | financial statements for the fiscal year ended December 31, 2023 (the "2023 Audited Financial Statements"). |