Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 223

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 223
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 segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures
in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal
years beginning after December 15, 2024, with early adoption permitted. The Company adopted the ASU during the year ended December 31,
2024. The adoption did not have a material impact on the financial statements. See Note 10 for the Company’s segment reporting disclosures.

Recently issued accounting standards
not yet adopted

In December 2023, the FASB issued ASU 2023 - 09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023 - 09), which requires disclosure of incremental income tax
information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023
- 09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s management does
not believe the adoption of ASU 2023 - 09 will have a material impact on its financial statements and disclosures.

In November 2024, the FASB ASU 2024-03, Income
Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement
Expenses (“ ASU 2024-03”). which enhances the disclosures required for expense disaggregation in the Company’s annual
and interim consolidated financial statements. ASU 2024-03 is effective for the Company for annual reporting periods beginning after December
15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing
the impact of the adoption of this standard on its financial statements and disclosures.

F-47

The Company’s management does not believe
that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the
accompanying financial statements.

NOTE 3 - INITIAL PUBLIC OFFERING

On January 27, 2022, the Company consummated
its IPO of 13,000,000 Units at $10.00 per Unit, generating gross proceeds of $130,000,000. Each Unit consists of one Class A ordinary
share and one-half of one redeemable warrant. Each whole Public W