FutureTech II Acquisition Faces Potential Delisting from Nasdaq Due to Market Value Standard Non-Compliance

FutureTech II Acquisition Corp. (NASDAQ: FTIIU) is currently grappling with the possibility of being delisted from The Nasdaq Global Market due to non-compliance with the Market Value Standard. A recent Form 8-K filing with the Securities and Exchange Commission (SEC) revealed the company’s precarious position.

The predicament dates back to April 23, 2024, when FutureTech II received a notice from The Nasdaq Stock Market LLC stating that its Market Value of Listed Securities had fallen below the required $50 million minimum for continued listing on The Nasdaq Global Market. The company was granted a 180-day grace period to regain compliance, ending on October 21, 2024.

However, as of October 23, 2024, the company had not met the Market Value Standard. Subsequently, unless FutureTech II appealed the delisting determination by October 30, 2024, or applied to list its securities on The Nasdaq Capital Markets, its Class A Common Stock, Warrants, and Units would face suspension from November 1, 2024.

In response, the company appealed the Staff’s Determination on October 29, 2024, requesting a hearing which is scheduled for December 17, 2024. To rectify the non-compliance issue, a Special Meeting of Stockholders was conducted on November 18, 2024, where shareholders approved the Founder Share Amendment Proposal.

Following the approval, on November 21, 2024, FutureTech II swiftly converted 2,875,000 shares of Class B common stock to Class A common stock in a bid to address the deficiency. The company now has approximately 4,261,485 Class A common shares issued and outstanding, including 754,886 public shares.

Moreover, on November 27, 2024, FutureTech II submitted an application to transfer its listing to The Nasdaq Capital Markets, aiming to meet the listing standards of the exchange. Despite these actions, there is no definitive assurance that the transfer application will be approved.

Looking ahead, the company is gearing up for the December 17, 2024, Hearing where it intends to provide the necessary information to regain compliance with Nasdaq. Nevertheless, there remains uncertainty regarding the outcome and the company’s ability to adhere to Nasdaq’s listing criteria.

Forward-looking statements in the filing caution that the company’s future may differ from current expectations due to various factors, such as its ability to successfully appeal the delisting determination and regain compliance with Nasdaq standards. Future updates on the matter will be provided as necessary, in compliance with legal requirements.

It’s crucial to note that all forward-looking statements are subject to risks and uncertainties, and the company commits to updating or revising any such statements as required by law.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read FutureTech II Acquisition’s 8K filing here.

FutureTech II Acquisition Company Profile

FutureTech II Acquisition Corp. does not have significant operations. The company intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. It focuses on business operating in the technology industry, including artificial intelligence (AI), robotic process automation, and other related technology market.