Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 224

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 224
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arrant entitles the holder to purchase one Class A ordinary share
at an exercise price of $11.50 per whole share. The Public Warrants will become exercisable 30 days after the completion of the initial
Business Combination and expire five years after the completion of the initial Business Combination or earlier upon redemption or
liquidation.

NOTE 4 - PRIVATE PLACEMENT

Simultaneously with the closing of the IPO, the
Sponsor purchased an aggregate of 7,900,000 warrants at a price of $1.00 per warrant, for an aggregate purchase price of $7,900,000.

The Private Placement Warrants are identical to
the warrants sold in the IPO except that the Private Placement Warrants, so long as they are held by the Sponsor or its permitted transferees,
(i) will not be redeemable by the Company, (ii) may not (including the Class A ordinary shares issuable upon exercise of
these Private Placement Warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days
after the completion of the Company’s initial Business Combination, (iii) may be exercised by the holders on a cashless basis
and (iv) will be entitled to registration rights.

If the Private Placement Warrants are held by
holders other than the Sponsor or its permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption
scenarios and exercisable by the holders on the same basis as the warrants included in the units sold in the IPO.

NOTE 5 - RELATED PARTY TRANSACTIONS

Founder Shares

On June 2, 2021, the Old Sponsor paid $25,000,
or approximately $0.007 per share, to cover certain offering costs in consideration for 3,737,500 Class B ordinary shares, par value
$0.0001. Up to 487,500 founder shares were subject to forfeiture by the Old Sponsor depending on the extent to which the underwriters’
over-allotment option is exercised. In March 2022, the Old Sponsor effected a surrender of the 487,500 founder shares to the
Company for no consideration upon expiration of the over-allotment option. Pursuant to the Sponsor Sale as described above, the New Sponsor
acquired 2,650,000 Class B ordinary shares, and on November 16, 2023, 1,058,127 Class B ordinary shares held by the New Sponsor were converted