Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 209

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 209
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, out of the Trust Account.

Redemption and Extension

On April 13, 2023, 7,399,517 of the 13,000,000
Public Shares were redeemed at a redemption price of approximately $10.47 per share for an aggregate redemption amount of approximately
$77.5 million, leaving 5,600,483 Public Shares remaining outstanding. On October 25, 2023, the holders of 1,658,610 Class A ordinary shares
elected to redeem their shares for cash at a redemption price of approximately $10.94 per share, for an aggregate redemption amount of
approximately $18.1 million, leaving 3,941,873 Public Shares remaining outstanding. 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. In connection with the shareholder vote to
approve the Business Combination, on December 23, 2024, certain holders of Class A ordinary shares submitted redemption notices notifying
the Company of their intention to exercise their right to redeem their shares for cash at a redemption price of approximately $11.81 per
share. As of December 31, 2024, such redemption requests are still within the time frame when such requests can be rescinded, and redemption
could only occur upon completion of the Business Combination. As a result of which, these 3,534,431 Class A ordinary shares were still
subject to possible redemption and classified as temporary equity as of December 31, 2024.

On January 16, 2025, subsequent to the closing
of the Business Combination, the Company paid approximately $20.7 million to holders of 1,754,618 Class A ordinary shares for redemption.

On each of April 27, 2023, May 30, 2023 and June
28, 2023, the Company deposited $150,000, for an aggregated of $450,000 into the Trust Account, of which, $300,000 was raised from the
April 2023 Note (as defined below). The April 2023 Note was terminated on October 4, 2023 and all amounts outstanding under the April
2023 Note, amounted to $300,000, are forgiven without any further liability