FutureTech II Acquisition Corp. Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Reports on Form 10-Q and Publicly Held Shares Rule and Makes Progress Towards Regaining Compliance
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.
FutureTech II Acquisition Corp. (NASDAQ: FTII) ha ricevuto una notifica di carenza da parte di Nasdaq il 27 novembre 2024, citando la non conformità a diversi requisiti di quotazione. I problemi includono: il mancato invio tempestivo del modulo 10-Q per il terzo trimestre del 2024, la non conformità con il requisito del valore di mercato dei titoli quotati e il superamento della soglia minima di 1.100.000 azioni in circolazione dopo il rimborso di 1.564.549 azioni a seguito di una riunione speciale del 18 novembre.
L’azienda sta prendendo misure correttive: sta presentando un piano di conformità a Nasdaq, coinvolgendo una banca d'investimento per aumentare la distribuzione al dettaglio dei titoli e lavorando per presentare il 10-Q del terzo trimestre entro il 13 dicembre 2024. L’azienda ha richiesto una sospensione della sospensione in attesa di una decisione del pannello delle udienze.
FutureTech II Acquisition Corp. (NASDAQ: FTII) recibió una notificación de deficiencia de Nasdaq el 27 de noviembre de 2024, citando el incumplimiento de múltiples requisitos de cotización. Los problemas incluyen: no presentar oportunamente el Formulario 10-Q del tercer trimestre de 2024, incumplimiento con el requisito del Valor de Mercado de Valores Listados y caer por debajo del mínimo de 1.100.000 acciones en circulación después de que se redimieron 1.564.549 acciones tras una reunión especial el 18 de noviembre.
La empresa está tomando acciones correctivas al: presentar un plan de cumplimiento a Nasdaq, contratar un banco de inversión para aumentar la distribución de valores al por menor y trabajar para presentar el 10-Q del tercer trimestre antes del 13 de diciembre de 2024. La empresa ha solicitado una suspensión de la suspensión mientras espera una decisión del panel de audiencias.
FutureTech II Acquisition Corp. (NASDAQ: FTII)는 2024년 11월 27일 나스닥으로부터 다수의 상장 요건 미비로 인한 결함 통지를 받았습니다. 문제에는 2024년 3분기 10-Q 양식을 제때 제출하지 못한 것, 상장된 증권의 시장 가치 요건을 준수하지 못한 것, 11월 18일 특별 회의 후 1,564,549주가 상환되어 1,100,000주의 최소 공개 보유 주식 요건을 하회한 것이 포함됩니다.
회사는 나스닥에 준수 계획을 제출하고, 증권의 소매 유통을 늘리기 위해 투자 은행을 참여시키며, 2024년 12월 13일까지 3분기 10-Q를 제출하기 위해 노력하는 등의 시정 조치를 취하고 있습니다. 회사는 청문 패널의 결정이 나오는 동안 정지 유예를 요청했습니다.
FutureTech II Acquisition Corp. (NASDAQ: FTII) a reçu une notification de carence de la part de Nasdaq le 27 novembre 2024, indiquant un non-respect de plusieurs exigences d'inscription. Les problèmes incluent : le non-dépôt du formulaire 10-Q du troisième trimestre 2024 dans les délais, le non-respect de l'exigence de valeur marchande des titres cotés et le fait de descendre en dessous du minimum de 1.100.000 actions détenues publiquement après le rachat de 1.564.549 actions suite à une réunion spéciale du 18 novembre.
La société prend des mesures correctives en : soumettant un plan de conformité à Nasdaq, engageant une banque d'investissement pour augmenter la distribution de titres au détail et s'efforçant de déposer le 10-Q du troisième trimestre d'ici le 13 décembre 2024. La société a demandé une suspension de la suspension en attendant la décision du panneau des audiences.
FutureTech II Acquisition Corp. (NASDAQ: FTII) erhielt am 27. November 2024 eine Mitteilung über Defizite von Nasdaq, die sich auf die Nichteinhaltung mehrerer Börsennotierungsanforderungen bezieht. Zu den Problemen gehören: die verspätete Einreichung des Q3 2024 Form 10-Q, die Nichteinhaltung der Anforderungen an den Marktwert der börsennotierten Wertpapiere und das Unterschreiten der Mindestanforderung von 1.100.000 öffentlich gehaltenen Aktien, nachdem 1.564.549 Aktien nach einer Sonderversammlung am 18. November zurückgegeben wurden.
Das Unternehmen ergreift Korrekturmaßnahmen, indem es einen Konformitätsplan bei Nasdaq einreicht, eine Investmentbank in Anspruch nimmt, um die Verteilung von Wertpapieren im Einzelhandel zu erhöhen, und arbeitet daran, das Q3 10-Q bis zum 13. Dezember 2024 einzureichen. Das Unternehmen hat eine Aussetzung der Suspendierung bis zur Entscheidung des Hearings Panels beantragt.
- Company has engaged an investment bank to increase retail distribution of securities
- Submitted compliance plan to Nasdaq
- Working towards filing Q3 10-Q by December 13, 2024
- Failed to file Q3 2024 Form 10-Q on time
- Non-compliance with Nasdaq Market Value of Listed Securities requirement
- Below minimum requirement of 1,100,000 publicly held shares after redemption of 1,564,549 shares
- Risk of potential delisting from Nasdaq
Insights
This notification of multiple Nasdaq compliance issues signals significant challenges for FutureTech II Acquisition Corp. The company is facing three major deficiencies: delayed Q3 filing, insufficient market value of listed securities and inadequate publicly held shares following substantial redemptions.
The redemption of 1,564,549 shares has pushed the company below Nasdaq's minimum requirement of 1.1 million publicly held shares, which is particularly concerning for a SPAC. While management has engaged an investment bank to address these issues, the multiple compliance challenges could lead to a potential delisting if not resolved promptly.
The company's plan to file the Q3 10-Q by December 13, 2024, provides a clear deadline, but the combination of issues suggests deeper structural challenges. The need to increase retail distribution indicates potential liquidity concerns and market interest problems that could affect the SPAC's ability to complete a successful business combination.
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 sustention, pending a Hearings Panel decision. In addition, the Staff noted that based on the Company 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”).
The Company has made progress towards regaining compliance. In particular, on November 27, 2024, the Company submitted a letter to Nasdaq setting forth the Company’s plan to regain compliance with the Market Value of Listed Shares Rule. In addition, the Company has engaged an investment bank to assist with increasing the retail distribution of the Companies listed securities to obtain compliance with the Publicly Held Shares Rule and Market Value of Listed Shares Rule. With respect to filing Q3 10-Q, the Companies accountant and management are working toward filing it by December 13, 2024. The Company also requested the Staff to stay of suspension, pending a Hearings Panel decision and provide an exception to allow the Company to regain compliance with the Listing Rule 5250(c)(1), by filing the Q3 10-Q by December 13, 2024.
About FutureTech II Acquisition Corp.
FutureTech Capital Acquisition Corp. is a blank check company incorporated as a Delaware corporation for the purpose of effecting a business combination, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) that are based on beliefs and assumptions and on information currently available to the Company. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as “could,” “would,” “should,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or “will” or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements relating to the Company’s plans and expectations about the completion and filing of the Form 10-K, the Form 10-Q, its submission of a plan to regain compliance with respect to the Listing Rules of Nasdaq, and the timing thereof. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including but not limited to uncertainties about the timing of the Company’s submission of a compliance plan, Nasdaq’s acceptance of any such plan, and the duration of any extension that may be granted by Nasdaq; the potential inability to meet Nasdaq’s requirements; uncertainties associated with the Company’s preparation of the Form 10-K, form 10-Q and the related financial statements, including the possibility that additional accounting errors or corrections will be identified; the possibility of additional delays in the filing of the Form 10-K. the Form 10-Q and the Company’s other SEC filings; and the other risks and uncertainties described in the Company’s SEC reports. The forward-looking statements contained herein speak only as of the date of this press release. Except as required by law, the Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release.
Investor Relations
Ying Shan
FutureTech Capital LLC
yingshan@futuretechcapitalllc.com
Media Relations
Rathbun Communications
Julie Rathbun
julie@rathbuncomm.com
FAQ
Why did FutureTech II (FTII) receive a Nasdaq deficiency notice on November 27, 2024?
How many shares were redeemed from FutureTech II (FTII) after the November 18, 2024 special meeting?
When does FutureTech II (FTII) plan to file its Q3 2024 10-Q report?
What actions is FutureTech II (FTII) taking to regain Nasdaq compliance?
