Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 1

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 3
Chunk 1
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ITEM 3. KEY INFORMATION
A. [Reserved.]

B. Capitalization and Indebtedness

The following table sets forth the Company’s consolidated capitalization as of December 31, 2024, adjusted to give effect to the Business Combination. This table should be read in conjunction with the audited financial statements and unaudited pro forma combined financial information included in this Annual Report on Form 20-F.

                                                  As of December 31, 2024               
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                                       FST                           Pro Forma          
                                       Corp. Actual                  Combined           
                                       (US$ in thousands)                               
                                                                     (unaudited)        
Cash and cash equivalents              $5,098                        $5,110             
Debt                                                                                    
Short &amp; long-term bank loans                24,712                        24,712    
Lease liabilities                                5,971                         5,971    
Total debt                                      30,683                        30,683    
Equity                                                                                  
Ordinary share                         4                             4                  
Share subscription receivable                        -                       (19,427   )
Additional paid in capital                      22,247                        34,799    
Retained earnings                                3,054                         2,197    
Accumulated other comprehensive loss            (2,471     )                  (2,471   )
Total shareholders’ equity                      22,834                        15,102    
Non-controlling interest               164                           164                
Total equity                                    22,998                        15,266    
Total capitalization                   $53,681                       $45,949            

1

C. Reasons for the Offer and Use of Proceeds

Not applicable.

  
D. Risk Factors

Risks Related to the Company’s Business

The Company’s future growth and financial performance depends on the production and sale of its current and new golf shaft products on an anticipated timeline and within an anticipated cost and pricing structure. Additionally, the Company’s business and prospects depend significantly on the KBS brand. If the Company is unable to maintain and enhance its brand and capture additional market share or if its reputation and business are harmed, it could have a material and adverse impact on the Company’s business, financial condition, results of operations and prospects.

The Company’s ability to meet its expectations of growth and financial performance depends on the production and sales of its current and new golf shaft products on an anticipated timeline and within an anticipated cost and pricing structure. There are a number of risks inherent in the pursuit of such expectations, and as discussed