FutureTech II Acquisition Corp. announced a private placement of 467,575 private placement units for $10 per unit for a gross proceed of $4,675,750 on November 1, 2021. The transaction will include participation from returning investor FutureTech II Partners LLC.

The transaction also includes an oversubscription of 52,500 units for $10 per unit for an additional gross proceed of $525,000 in the aggregate if the underwriters' option to purchase additional warrants is exercised in full. Each private unit will consist of one common stock and one half of one warrant. Each whole warrant is exercisable for one share of common stock at a price of $11.50 per share and only whole warrants are exercisable.

The units issued and the underlying share and warrant will not be redeemable and will be subject to transfer restrictions. The transaction is subject to approval of board of directors of the company. The transaction will close simultaneously with the closing of public offering.