Company: FSTWF
Filing Date: 2025-07-25
Form Type: 424B3
Source: 0001213900-25-067790
Chunk: 54

Company: FST Corp.
Filing Date: 2025-07-25
Form: 424B3
Chunk 54
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 ended December 31, 2024 adjusted by approximately 39,736,190 consideration shares estimated, derived from the shares outstanding and weighted average shares outstanding as presented in the pro forma combined consolidated financial statements (after rounding adjustment). For the purposes of calculating the weighted average number of shares of Company ordinary shares outstanding, the effects of outstanding warrants and exchangeable units to purchase ordinary shares and employee share option plans were not considered in the calculation of diluted loss per share, since the inclusion of such warrants and options would be anti -dilutive.

|                                                              |     |  Adjustment 
  for Merger 
 Assuming No 
 Redemptions |
| Weighted average shares of redeemable ordinary share         |     |   1,779,813 |
| Weighted average outstanding converted SPAC Public Shares    |     |     700,000 |
| Weighted average outstanding shares of non-redeemable shares |     |   2,550,000 |
| Add: Closing merger consideration payable in shares          |     |  39,736,190 |
| Weight average shares                                        |     |  44,766,003 |

36 MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of FST’s financial condition and results of operations in conjunction with the section entitled “Selected Consolidated Financial Data” and FST’s consolidated financial statements and the related notes included elsewhere in this prospectus/proxy statement. This discussion contains forward -looking statements that involve risks and uncertainties. FST’s actual results and the timing of selected events could differ materially from those anticipated in these forward -looking statements as a result of various factors, including those set forth under “Risk Factors” and elsewhere in this proxy statement / prospectus. This discussion primarily discusses the financial condition and results of operations of FST. FST Ltd. (formerly Cheng he Acquisition I Co.) is now a wholly owned subsidiary of FST. A brief discussion of Chenghe’s financial results for the periods presented in this prospectus is included at the end of this section for completeness. Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “the Group”, “we”, “us”, and “our” are intended to mean the business and operations of FST Corp. and its consolidated subsidiaries following the consummation of the Business Combination. Company Overview FST, is a renowned manufacturer and innovator in the golf industry