Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 226

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 226
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value per share (unless subsequently modified) less the amount initially received for the purchase of the founder shares. As of December
31, 2024, the Company determined that a Business Combination is not considered probable, and, therefore, no stock-based compensation expense
has been recognized.

F-48

Promissory Note - Related Party

On April 13, 2023, the Company issued a non-interest
bearing non-convertible unsecured promissory note to the Old Sponsor for a principal amount of up to $1,050,000 to fund the contributions
to the Company’s Trust Account in connection with the First Extension Amendment and the First Trust Amendment. On each of April
27, 2023 and May 30, 2023, the Old Sponsor deposited $150,000 into the Trust Account, for an aggregated of $300,000. The April 2023 Note
was terminated on October 4, 2023 and all amounts outstanding under the April 2023 Note are forgiven without any further liability of
the Company or the Old Sponsor. The amounts forgiven are recognized as a capital transaction at October 4, 2023.

On October 25, 2023, the Company issued the October
2023 Note to the New Sponsor for a principal amount of up to $1,960,000 to fund the Extension Contributions in connection with the Second
Extension Amendment and working capital. As of December 31, 2024, the total outstanding under the October 2023 Note was $1,520,084. Including
the $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.

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,