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

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”).
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