FutureTech II Acquisition (NASDAQ:FTII) Trading Down 2.3% - Here's What Happened

Key Points

• FutureTech II Acquisition Corp. (NASDAQ:FTII) saw its stock price decrease by 2.3%, trading at $12.02 after a significant drop from the previous close of $12.30.
• Trading volume was notably low, with approximately 750 shares exchanged, marking an 80% decline from the average daily volume.
• K2 Principal Fund L.P. increased its stake in FutureTech II Acquisition by 110.6%, now holding about 1.81% of the company, while 65.83% of the stock is owned by institutional investors and hedge funds.

FutureTech II Acquisition Corp. (NASDAQ:FTII - )'s stock price dropped 2.3% during trading on Wednesday . The company traded as low as $12.02 and last traded at $12.02. Approximately 750 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 3,826 shares. The stock had previously closed at $12.30.

FutureTech II Acquisition Stock Down 2.3%

The stock's fifty day moving average price is $11.98 and its 200 day moving average price is $11.68.

Hedge Funds Weigh In On FutureTech II Acquisition

A hedge fund recently raised its stake in FutureTech II Acquisition stock. K2 Principal Fund L.P. lifted its holdings in shares of FutureTech II Acquisition Corp. (NASDAQ:FTII - Free Report) by 110.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 105,296 shares of the company's stock after purchasing an additional 55,296 shares during the period. K2 Principal Fund L.P. owned about 1.81% of FutureTech II Acquisition worth $1,289,000 as of its most recent filing with the SEC. 65.83% of the stock is currently owned by institutional investors and hedge funds.

About FutureTech II Acquisition

FutureTech II Acquisition Corp. does not have significant operations. The company intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. It intends to acquire and manage a business in the technology industry.

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