Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 88

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 88
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ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

” and other financial information included elsewhere
in this 20-F.

The unaudited pro forma combined
consolidated balance sheet is presented as of December 31, 2024, and the unaudited pro forma combined consolidated statements of operations
is presented for the year ended December 31, 2024. The unaudited pro forma combined consolidated balance sheet as of December
31, 2024, gives pro forma effect to the Business Combination as if they had been consummated as of December 31, 2024. The unaudited pro
forma combined consolidated statements of operations for the year ended December 31, 2024, gives pro forma effect to the Transactions
as if they had occurred as of January 1, 2024, the beginning of the earliest period presented.

Description of the Transactions

On
January 15, 2025, we consummated the transaction contemplated by that certain Business Combination Agreement, dated December 22,
2023, by and among the Company, SPAC, FST Merger Ltd. and Femco. Pursuant to the Business Combination Agreement, (a) we acquired
99.34% of all issued and outstanding shares of Femco held by shareholders of Femco in exchange for our ordinary shares, par value $0.0001
per share (“ordinary shares”) (the underlying transactions, collectively, the “ FST Restructuring”), and (b) Merger
Sub merged with and into SPAC, with SPAC continuing as the surviving entity and a wholly-owned subsidiary of our company, and SPAC changed
its name to “ FST Ltd.” (such transactions, collectively, the “ Business Combination”). The FST Restructuring was
completed in 2024, prior to the merger of the Merger Sub and SPAC at the closing of the Business Combination.

On
January 15, 2025 (the “ Closing Date”), we consummated the previously announced Business Combination contemplated by the Business
Combination Agreement. Pursuant to the Business Combination Agreement, (i) each unit of SPAC outstanding immediately prior to the
merger effective time, consisting of one (1) Class A ordinary share and one-half (1/2) of one (1) warrant of SPAC,
automatically separated and the holder thereof was deemed to hold one (1) Class A ordinary share and one-half (1/