Company: FSTWF
Filing Date: 2025-04-30
Form Type: NT 20-F
Source: 0001213900-25-037630
Chunk: 1

Company: FST Corp.
Filing Date: 2025-04-30
Form: NT 20-F
Chunk 1
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 subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and |                                                                                                                                    |
|   | -c | The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.                                                                                                                                                                                                                                                                                                                                                                 |                                                                                                                                    |

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PART III — NARRATIVE</div>

State below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q,
10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed time period.

FST Corp. (the “Company”) has determined that it is unable to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2024 (the “Form
20-F”) by the prescribed filing date without unreasonable effort or expense. The Company currently anticipates that the Form 20-F
will be filed within the extension period provided by Rule 12b-25 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”).

The Form 20-F is taking more time to finalize than planned due to a significant level of company resources being diverted to the closing of the Company’s business combination, pursuant to that certain Business Combination Agreement, dated December 22, 2023, by and among the Company, Chenghe Acquisition I Co., FST Merger Ltd. and Femco Steel Technology Co., Ltd. (the “Legacy FST”) and the transactions related thereto (the “Business Combination”), which occurred on January 15, 2025 (the “Closing Date”). This reflects the timing of the completion of the transaction and its proximity to the fiscal year end and the complex accounting and disclosure analysis associated with these transactions. As a result of the closing of the Business Combination, the Company ceased to be a shell company on such date.

In addition to matters necessary to complete financial reporting, management is evaluating potential accounting issues impacting the prior periods. The identified potential issues relate to deferred tax assets for net operating loss carry-forwards and prepaid expenses related to transaction fees incurred in connection with the business combination. If concluded to be errors, management will evaluate the materiality of these items to determine the impact on our financial statements. Related to these items, management is also completing its assessment of related controls.

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