Company: FSTWF
Filing Date: 2025-07-08
Form Type: F-1/A
Source: 0001213900-25-061884
Chunk: 171

Company: FST Corp.
Filing Date: 2025-07-08
Form: F-1/A
Chunk 171
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| Total cash, cash equivalents and restricted cash, end of the year |     | $ |    5,302,199 |     | $ |    9,305,728 |

The accompanying notes are an integral part of these consolidated financial statements.

F-9 FST Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for share and per share data, or otherwise noted) 1. ORGANIZATION AND PRINCIPAL ACTIVITIES FST Corp. (the “Company”) was incorporated under the laws of the Cayman Islands on November 24, 2023. The Company and its subsidiary, FST Merger Ltd., Femco Steel Technology Co., Ltd. (“FST”) and FST’s subsidiaries (collectively, the “Group”) are principally engaged in developing, producing and selling of golf shafts and other sports equipment. FST Merger Ltd., wholly owned by the Company, was incorporated under the laws of the Cayman Islands on November 27, 2023, was formed for the purpose of effecting a merger between Chenghe Acquisition I Co. (“Chenghe”), FST and certain other affiliated entities through a series of transactions (the “Business Combination”) pursuant to the definitive agreement entered into on December 22, 2023. FST, 99.34% owned by the Company, was incorporated under the law of Taiwan with limited liability on May 18, 1976. FST America, Inc., wholly owned by FST, was incorporated on September 9, 2015 in Colorado, US. FST Japan LLC, wholly owned by FST America, Inc., was incorporated on September 16, 2020 in Japan. FST Restructuring To maximize the Company’s control over FST’s business and operations after the closing of Business Combination and enhance the efficiency of future fundraising, the parties intend to have each existing FST’s shareholder exchange the company shares held by it, him or her with the Company’s ordinary shares, so that at the closing of Business Combination, the Company will be the sole shareholder of FST. Pursuant to the Business Combination agreement, the Company shall have acquired at least 90% of all issued and outstanding FST’s ordinary shares on or prior to the closing of Business Combination. The Company undertook the following steps to affect FST Restructuring: •Formation of FST Corp. and FST Merger Ltd. •Each existing shareholder of