Company: FSTWF
Filing Date: 2025-07-08
Form Type: F-1/A
Source: 0001213900-25-061884
Chunk: 219

Company: FST Corp.
Filing Date: 2025-07-08
Form: F-1/A
Chunk 219
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 of approximately $4.7 million, leaving 3,534,431 Public Shares remaining outstanding. In connection with the shareholder vote to approve the Business Combination, on December 23, 2024, certain holders of Class A ordinary shares submitted redemption notices notifying the Company of their intention to exercise their right to redeem their shares for cash at a redemption price of approximately $11.81 per share. As of December 31, 2024, such redemption requests are still within the time frame when such requests can be rescinded, and redemption could only occur upon completion of the Business Combination. As a result of which, these 3,534,431 Class A ordinary shares were still subject to possible redemption and classified as temporary equity as of December 31, 2024. On January 16, 2025, subsequent to the closing of the Business Combination, the Company paid approximately $20.7 million to holders of 1,754,618 Class A ordinary shares for redemption. On each of April 27, 2023, May 30, 2023 and June 28, 2023, the Company deposited $150,000, for an aggregated of $450,000 into the Trust Account, of which, $300,000 was raised from the April 2023 Note (as defined below). The April 2023 Note was terminated on October 4, 2023 and all amounts outstanding under the April 2023 Note, amounted to $300,000, are forgiven without any further liability of the Company or the Old Sponsor. The amounts forgiven were recognized as a capital transaction at October 4, 2023. On each of October 30, 2023 and November 29, 2023, the Company deposited $80,000 into the Trust Account to extend the Termination Date to December 27, 2023. From January 4 to September 2024, ten tranches of $78,837, for an aggregate of $788,370 was deposited into the Trust Account by FST pursuant to the Business Combination Agreement, extending the Termination Date to October 27, 2024. From November 2024 to December 2024, three tranches of $106,033, for an aggregate of $318,099 was deposited into the Trust Amount, extending the Termination Date to January 27, 2025. Nasdaq Notice On June 15, 2023, the Company received a written notice from the Listing Qualifications Department (