Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 212

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 212
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’s Class B Ordinary Share that
was issued and outstanding immediately prior to the Merger Effective Time was automatically converted into one (1) the Company’s
Class A Ordinary Share in accordance with the terms of the Company’s Articles (such automatic conversion, the “ Company’s
Class B Conversion”); (iii)  each of the Company’s Class A Ordinary Share (which, for the avoidance of doubt, includes
the Company’s Class A Ordinary Shares (A) issued in connection with the Company’s Class B Conversion and (B) held as a result
of the unit separation) that was issued and outstanding was cancelled in exchange for the right to receive one (1) CayCo Ordinary Share;
and (iv)  each of the Company’s Warrant that was outstanding and unexercised was converted into and become the right to receive
a CayCo Warrant, which is on the same terms and conditions as the applicable of the Company’s Warrant.

At the Closing, CayCo, the Sponsor, certain shareholder
of the Company (the “ Company Holders”) listed thereto and certain person listed thereto (the “ Sponsor Key Holders”,
and together with the Company Holders, the “ Holders”) entered into a lock-up agreement (the “ Lock-up Agreement”).
Pursuant to the Lock-up Agreement, each Holder agrees to not to transfer any Lock-Up Shares (as defined in the Lock-Up Agreement) for
a period of six (6) months after the Closing Date, with certain exceptions and carveouts.

At the Closing, the Company, Cayco and other parties
listed thereto entered into the Investor Rights Agreement, dated as of January 15, 2025. Pursuant to the Investor Rights Agreement,
Cayco agreed to undertake certain resale shelf registration obligations in accordance with the Securities Act and certain holders have
been granted customary demand and piggyback registration rights. Cayco further agreed to pay certain fees and expenses relating to registrations
under the Investor Rights Agreement.

The CayCo Ordinary Shares began trading on the
Nasdaq Global Market under the symbol “ KBSX” on January 16, 2025.

Other Developments

On November 6, 2023, pursuant to the Trust Agreement,
the Company instructed Continental Stock Transfer & Trust Company to hold all funds in the Trust Account uninvested in an interest-bearing
bank deposit account.

On November 8, 2023, the New Sponsor notified
the Company that it elected