Future Vision II Acquisition Corp. Completes IPO, Reports Net Income and Appoints New CEO

Future Vision II Acquisition Corp., incorporated on January 30, 2024, completed its Initial Public Offering (IPO) on September 13, 2024, selling 5,000,000 units at $10.00 per unit, generating gross proceeds of $50 million. An additional 750,000 units were sold through an over-allotment option, bringing total gross proceeds to $57.5 million. The company incurred offering costs of approximately $1.85 million, which included cash underwriting commissions and representative shares.

As of September 30, 2024, Future Vision II reported total assets of $59.41 million, primarily consisting of $57.94 million in marketable securities held in a Trust Account, all invested in U.S. Treasury Securities Money Market Funds. The company had total liabilities of $80,667 and shareholders' equity of $6.67 million. Cash available for working capital needs was $1.46 million, with a working capital of $1.39 million.

For the three months ended September 30, 2024, Future Vision II reported a net income of $141,906, with total net income from inception through the same date amounting to $137,178. The income primarily stemmed from marketable securities and interest income, while operating expenses totaled $11,313 since inception. The basic and diluted net income per ordinary share for the three months was $0.14, and $0.40 for the period from inception.

The company is classified as a shell company and is currently focused on identifying and evaluating potential business combinations, with a requirement to complete such a combination within 18 months of the IPO closing date, or by March 13, 2026. If the business combination is not completed within this timeframe, the company plans to redeem public shares at a price based on the Trust Account balance.

On October 14, 2024, CEO Wang Xiaodong resigned for personal reasons, and Xu Danhua was appointed as the new CEO and Director, effective October 18, 2024. Xu Danhua brings extensive experience in investments and international operations, having previously served as General Manager at Budget International (HK) Limited and CFO at Ditop Co., Ltd.

Future Vision II has raised concerns regarding its ability to continue as a going concern, primarily due to the significant costs associated with remaining publicly traded and pursuing a business combination. The company has no off-balance sheet arrangements or long-term liabilities as of the reporting date.