Company: FSTWF
Filing Date: 2025-07-22
Form Type: F-1/A
Source: 0001213900-25-066660
Chunk: 214

Company: FST Corp.
Filing Date: 2025-07-22
Form: F-1/A
Chunk 214
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 to fund the contributions to the Company’s Trust Account in connection with the First Extension Amendment and the First Trust Amendment (“April 2023 Note”). 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 October 25, 2023, the Company issued a non -interestbearing non -convertibleunsecured promissory note (the “October 2023 Note”) to the New Sponsor, for a principal amount of up to $1,960,000. As of December 31, 2024, the total outstanding under the October 2023 Note was $1,520,084. Including the $428,000 cash transferred from the Company’s bank account controlled by the Old Sponsor to the account controlled by the New Sponsor (as mentioned above), the New Sponsor paid $1,948,084 in total under the October 2023 Note, on behalf of the Company, for extension and working capital purposes, of which $610,000 was used for extension deposits and $1,338,084 was used for working capital purposes. On July 11, 2024, the Company issued a non -interestbearing non -convertibleunsecured promissory note (the “July 2024 Note”) to the New Sponsor, for a principal amount of up to $500,000. The Company may apply the amount advanced by the New Sponsor under the July 2024 Note to fund the Extension Contribution or, as the Company deems appropriate, towards general corporate purposes. As of December 31, 2024, the total outstanding under the July 2024 Note was $274,854. Subsequent to December 31, 2024 to January 10, 2025, the Company withdrew additional $50,000 under the July 2024 Note for working capital purpose. As of January 10, 2025, the total outstanding balance under the October 2023 Note and July 2024 Note was $1,844,938. On January 10, 2025, the Company, the 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 Sponsor