NEW YORK - FutureTech II Acquisition Corp. (NASDAQ:FTII), a special purpose acquisition company currently valued at $66.92 million, has received a deficiency notification from the Nasdaq Stock Market due to non-compliance with certain listing rules. The notice, issued on November 27, 2024, indicates that the company failed to file its quarterly report for the period ending September 30, 2024, on time. According to InvestingPro analysis, the stock is trading near its 52-week low of $10.83, with current shares at $11.33.
According to the notification, this lapse constitutes an additional basis for potentially delisting the company's securities from Nasdaq. Previously, FutureTech II was already in proceedings with a Hearings Panel for not meeting the Market Value of Listed Securities requirement. The company had until today to request a stay of suspension pending the panel's decision. InvestingPro data reveals concerning liquidity metrics, with a current ratio of 0.3, indicating the company's short-term obligations exceed its liquid assets.
The situation was compounded by the company's disclosure that a significant number of shares were tendered for redemption following a special meeting on November 18, 2024, resulting in the company falling short of the Nasdaq's minimum publicly held shares requirement. Despite these challenges, InvestingPro maintains a GOOD financial health score of 2.79 for the company. Subscribers can access 7 additional ProTips and comprehensive financial metrics to better understand FTII's position.
In response to these issues, FutureTech II has submitted a plan to regain compliance with the Market Value of Listed Shares Rule and has engaged an investment bank to help increase the retail distribution of its securities. This is part of the company's efforts to meet the Publicly Held Shares Rule and Market Value of Listed Shares Rule.
The company's management and accountants are actively working to file the overdue quarterly report by December 13, 2024. A request has also been made to Nasdaq for a stay of suspension and an exception to regain compliance by the proposed filing date.
FutureTech II Acquisition Corp. is a blank check company formed for the purpose of acquiring or merging with one or more businesses. The press release from FutureTech II contains forward-looking statements, which are based on current beliefs and assumptions. These statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially. The company has not provided any further details on the potential outcomes of the compliance plan or the Hearings Panel decision.
This report is based on a press release statement from FutureTech II Acquisition Corp.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.