Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 208

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 208
---
 $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.

F-40

On July 11, 2024, the Company issued a non-interest
bearing non-convertible unsecured 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 an amount to equal to $1,844,938, in the following manner: (i) pay, or cause to be paid,
US$300,000 out of the trust account established by the Company with Continental Stock Transfer and Trust Company on the Maturity Date
(the “ First Payment”); (ii) pay, or cause to be paid, US$772,469 on or prior to the date falling 3 month after the Maturity
Date (the “ Second Payment”); and (iii) pay, or cause to be paid, US$772,469 on or prior to the date falling 6 months after
the Maturity Date (the “ Third Payment”).

Upon the closing of the Business Combination on
January 15, 2025, the Company paid $300,000 to the Sponsor