Breaking News: Nasdaq Issues Deficiency Notice to FutureTech II Acquisition Corp

New York, New York, Dec. 04, 2024 (GLOBE NEWSWIRE)

FutureTech II Acquisition Corp. (the “Company”) (NASDAQ: FTII), today announced that it received an expected deficiency notification letter from the staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) on November 27, 2024 (the “Notice”). The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the “Q3 10-Q”), as described more fully in the Company’s Form 12b-25 Notification of Late Filing filed with the Securities and Exchange Commission (the “SEC”) on November 15, 2024. The Staff also noted that this serves as an additional basis for delisting the Company’s securities from Nasdaq and since the Company is already before a Hearings Panel for its failure to comply with the Market Value of Listed Securities requirement of Nasdaq Listing Rule 5420(a)(2) (the “Market Value of Listed Shares Rule”), the Company has until December 4, 2024 to request a stay of the suspension, pending a Hearings Panel decision. In addition, the Staff noted that based on the Company’s disclosure that 1,564,549 shares were tendered for redemption following the special meeting on November 18, 2024, the Company no longer complies with the minimum 1,100,000 publicly held shares requirement set forth in Listing Rule 5450(b)(2)(B) (the “Publicly Held Shares Rule”).

How will this affect you?

As an investor in FutureTech II Acquisition Corp, receiving this deficiency notice may cause concern and uncertainty about the future of your investment. It may lead to fluctuations in the stock price and potentially impact your overall investment portfolio. Additionally, the risk of potential delisting from Nasdaq could further affect the liquidity and value of your shares in the Company.

How will this affect the world?

The deficiency notice issued to FutureTech II Acquisition Corp by Nasdaq could have broader implications for the financial markets and the business world. It highlights the importance of regulatory compliance and transparency in corporate governance, ensuring that companies meet the required standards for public disclosure. This event may also serve as a warning to other companies about the consequences of failing to adhere to listing rules and regulatory requirements.

Conclusion

In conclusion, the deficiency notice issued by Nasdaq to FutureTech II Acquisition Corp underscores the critical importance of timely and accurate financial reporting for publicly traded companies. It serves as a reminder of the regulatory obligations that companies must meet to maintain their listing on major stock exchanges like Nasdaq. This event not only impacts the Company and its investors but also has broader implications for the financial markets and corporate governance as a whole.