FutureTech II Acquisition Corp.: auditor change — FutureTech II restates FY2023, Q1 & Q2 2024 financials due to sponsor loan accounting error and redemption overpayments

FutureTech II Acquisition Corp.

Restatement of FY2023, Q1 & Q2 2024 financials due to Sponsor loan accounting error and redemption overpayments.
Extension Loans from Sponsor were not recognized as liabilities; repayment in shares was mistakenly considered debt forgiveness.
Potential overpayment of redemption in August 2023 and February 2024 due to failure to withdraw all interest from trust for taxes.
Company anticipates material weakness in internal controls and ineffective disclosure controls; plans to file amended 10-K and 10-Qs.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

FutureTech II Acquisition Corp. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the 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, determined that the Company’s previously issued (i) financial statements for the fiscal year ended December 31, 2023 (the “ 2023 Audited Financial Statements ”), (ii) financial statements as of and for the three months ended March 31, 2024 (the “ Q1 2024 Financial Statements ”), and (iii) financial statements as of and for the three and six months ended June 30, 2024 (the “ Q2 2024 Financial Statements ”) should no longer be relied upon and should be restated due to an accounting error

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Source: SEC EDGAR

accession 0001493152-24-047777

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