Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 213

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 213
---
 to convert 1,058,127 Class B ordinary shares held by itself to the same number of Class A ordinary shares,
pursuant to the Founder Share Amendment Proposal. On November 16, 2023, 1,058,127 Class B ordinary shares held by the New Sponsor were
converted into the same number of Class A ordinary shares. As of December 31, 2024, there were 4,592,558 Class A ordinary shares (3,534,431
shares are subject to possible redemption) and 2,191,873 Class B ordinary shares of the Company, issued and outstanding.

F-42

Going Concern

As of December 31, 2024, the Company had no cash
on hand and working capital deficit of $6,951,625. On October 6, 2023, the Company transferred cash balance of $428,000 from its bank
account controlled by the Old Sponsor to an account controlled by the New Sponsor, as the new bank account of the Company under the control
of the New Sponsor has not been set up yet. In January 2024, the Company set up a new bank account under control of the New Sponsor, as
of the date hereof, no cash was deposited in the new bank account.

The Company’s liquidity needs prior to the
IPO had been satisfied through a payment from the Old Sponsor of $25,000 (see Note 5) for the founder shares to cover certain offering
costs and the loan under an unsecured promissory note from the Old Sponsor of $142,350, which was paid in full on January 27, 2022 (see
Note 5). After the consummation of the IPO, cash of $2,494,203 in excess of the funds deposited in the Trust Account and/or used to fund
offering expenses was released to the Company for general working capital purposes.

On April 13, 2023, the Company issued the April
2023 Note as described above. The April 2023 Note was terminated on October 4, 2023 and the withdrawal of $300,000 under the April 2023
Note was forgiven without any further liability of the Company or the Old Sponsor.

On October 25, 2023, the Company issued the October
2023 Note. As of December 31, 2024, the total outstanding under the October 2023 Note was $1,520,084. Including the