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FutureTech II Acquisition Corp. (NASDAQ: FTII) received a deficiency notification from Nasdaq on November 27, 2024, citing non-compliance with multiple listing requirements. The issues include: failure to file Q3 2024 Form 10-Q timely, non-compliance with Market Value of Listed Securities requirement, and falling below the minimum 1,100,000 publicly held shares requirement after 1,564,549 shares were redeemed following a November 18 special meeting.
The company is taking corrective actions by: submitting a compliance plan to Nasdaq, engaging an investment bank to increase retail distribution of securities, and working to file the Q3 10-Q by December 13, 2024. The company has requested a stay of suspension pending a Hearings Panel decision.
Longevity Biomedical and FutureTech II Acquisition Corp (NASDAQ: FTII) have announced a business combination to create a Nasdaq-listed biopharmaceutical company focused on advancing technologies for human health and longevity. The combined company will operate as Longevity Biomedical and list under the ticker symbol 'LBIO'.
Longevity Biomedical has a late-stage, diversified pipeline of therapeutic candidates across ophthalmology, cardiovascular disease, and soft tissue reconstruction. Key milestones include:
- Phase 3 start for LBI-201 (ischemic stroke)
- Phase 2 data for LBI-101 (soft-tissue reconstruction)
- Phase 2 start for LBI-001 (retinal vein occlusion)
The transaction, expected to close in Q4 2024, will provide $26.8 million from FutureTech's trust to fund clinical development. The company aims to become a leading provider of longevity-related products and services for the growing aging population.
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