Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 222

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 222
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94
per share, for an aggregate redemption amount of approximately $18.1 million. On October 25, 2024, the holders of 407,442 Class A ordinary
shares elected to redeem their shares for cash at a redemption price of approximately $11.66 per share, for an aggregate redemption amount
of approximately $4.7 million, leaving 3,534,431 Public Shares remaining outstanding.

As of December 31, 2024 and 2023, the amount of
Class A ordinary shares reflected on the balance sheets are reconciled in the following table:

                                                                                                      Amount                   
  Class A ordinary shares subject to possible redemption as of December 31, 2022      13,000,000      $           134,512,063  
  Less:                                                                                                                        
  Partial Redemption                                                                  (9,058,127                  (95,617,197  
  Plus:                                                                                                                        
  Remeasurement of Class A ordinary shares subject to possible redemption                      —                    4,710,731  
  Class A ordinary shares subject to possible redemption as of December 31, 2023       3,941,873                   43,605,597  
  Less:                                                                                                                        
  Partial Redemption                                                                    (407,442                   (4,749,665  
  Plus:                                                                                                                        
  Remeasurement of Class A ordinary shares subject to possible redemption                      —                    2,890,760  
  Class A ordinary shares subject to possible redemption as of December 31, 2024       3,534,431      $            41,746,692  

Recent Accounting Pronouncements

Recently adopted accounting standards

In November 2023, the FASB issued ASU 2023-07, Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this ASU require disclosures,
on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating officer decision maker
(“ CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss.
The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the
reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities
will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single
reportable