Company: FSTWF
Filing Date: 2025-02-28
Form Type: F-1
Source: 0001213900-25-018264
Chunk: 44

Company: FST Corp.
Filing Date: 2025-02-28
Form: F-1
Chunk 44
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. Upon the Closing, each SPAC Warrant that is outstanding and unexercised will be automatically converted into the right to receive a FST Warrant, which will be on the same terms and conditions as the applicable SPAC Warrant. The SPAC Public Warrants are currently listed on the OTC Pink Market under the symbol of “LATGF”. FST does not intend to apply for the listing of the FST Warrants on any stock exchange after the Closing. The SPAC Public Warrants not exercised upon Closing will be converted to FST Warrants, and the holders thereof could face adverse consequences, including, among other things, reduced liquidity of FST Warrants, limited availability of market quotations for FST Warrants, and may be unable to sell the FST Warrants they hold unless a market can be established or sustained. FST may amend the terms of the warrants in a manner that may be adverse to holders of the warrants with the approval by the holders of at least 65% of the then outstanding warrants, or for amendments necessary for the warrants to be classified as equity. As a result, the exercise price of FST Warrants could be increased, the exercise period could be shortened and the number of FST Ordinary Shares purchasable upon exercise of a FST Warrant could be decreased, all without approval of warrant holder. The Warrant Agreement (to be amended by the Assignment, Assumption and Amendment Agreement upon Closing) provides that the terms of the warrants may be amended without the consent of any shareholder or warrant holder to cure any ambiguity or correct any defective provision or to make any amendments that are necessary in the good faith determination of the company’s board of directors (taking into account then existing market precedents) to allow for the warrants to be classified as equity in the company’s financial statements, but otherwise requires the approval by the holders of at least 65% of the then outstanding warrants to make any change that adversely affects the interests of the registered holders of the warrants. Accordingly, the company may amend the terms of the warrants (i) in a manner adverse to a holder of the warrants if holders of at least 65% of the then outstanding warrants approve of such amendment or (ii) to the extent necessary for the warrants in the good faith determination of the company’s board of directors (taking into account then existing market precedents) to allow for the warrants to be classified as equity in the company’s financial statements without the consent of any shareholder or warrant holder. Although the company’s ability