Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 204

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 204
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 On September 19, 2023, BTG Pactual delivered a letter
to the Company to waive its entitlement to the payment of $2,275,000 deferring underwriting fee with respect to the Business Combination.

Simultaneously with the closing of the IPO, the
Company consummated the sale of 7,900,000 warrants (the “ Private Placement Warrants”), at a price of $1.00 per Private Placement
Warrant in a private placement to LatAmGrowth Sponsor LLC, a Delaware limited liability company (the “ Old Sponsor”), generating
gross proceeds of $7,900,000, which is discussed in Note 4.

Transaction costs amounted to $7,647,620 consisting
of $2,600,000 of underwriting discount, $4,550,000 of deferred underwriting discount (which was subsequently waived as disclosed above
and in Note 7), and $497,620 of other offering costs. In addition, $2,494,203 of cash was held outside of the Trust Account (as defined
below) and was available for working capital purposes at the consummation of the IPO.

Following the closing of the IPO on January 27,
2022, an amount of $132,600,000 ($10.20 per Unit) from the net proceeds of the sale of the public units in the IPO and the sale of the
Private Placement Warrants was placed in a Trust Account (“ Trust Account”) and was invested only in U. S. government treasury
obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the
Investment Company Act that invest only in direct U. S. government treasury obligations.

Sponsor Sale

The Company’s current Sponsor is Chenghe
Investment I Limited, an exempted company incorporated with limited liability under the laws of Cayman Islands (the “ New Sponsor”
and “ Sponsor” means each of the Old Sponsor and the New Sponsor, unless the context indicates otherwise). On September 29,
2023, the Company, the Old Sponsor and the New Sponsor entered into a securities purchase agreement (the “ SPA”), and on October
6, 2023, the Old Sponsor and the New Sponsor consummated the transactions contemplated by the SPA (the “ Sponsor Sale”) pursuant
to which the New Sponsor acquired an aggregate of (i) 2,650,000 Class B ordinary shares, par value $0.000