Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 111

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 7
Chunk 111
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 Note was $274,854.

Pursuant
to the Business Combination Agreement, whereunder FST agreed to bear all of the fees and costs relating to the extension of the Termination
Date not exceeding $80,000 per month. During 2024, ten tranches of $78,837 and three tranches of $80,000, for an aggregated of $1,028,375,
were deposited as extension contribution into the Trust Account by FST pursuant to the Business Combination Agreement, extending the
Termination Date to January 27, 2025. These advances from FST were non-interest bearing and due on demand.

On
January 10, 2025, SPAC, the New Sponsor, CayCo and FST entered into a letter agreement (the “ Letter Agreement”), pursuant
to which, parties agree that CayCo agrees to, failing which FST shall, pay to the New Sponsor an amount to equal to $1,844,938, in the
following manner: (i) pay, or cause to be paid, $300,000 out of the trust account established by SPAC with Continental Stock Transfer
and Trust Company on the Maturity Date (the “ First Payment”); (ii) pay, or cause to be paid, $772,469 on or prior to the
date falling 3 month after the Maturity Date (the “ Second Payment”); and (iii) pay, or cause to be paid, $772,469 on or prior
to the date falling 6 months after the Maturity Date (the “ Third Payment”).

Upon
the closing of the Business Combination on January 15, 2025, SPAC paid $300,000 to the New Sponsor, out of the Trust Account.

C. Interests of Experts and Counsel

None.
/ Not Applicable.

ITEM
8. FINANCIAL INFORMATION