Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 211

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 211
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 was filed by NASDAQ on September 8, 2023 with the Securities and Exchange Commission
(the “ SEC”) to remove the Company’s Public Warrants from listing and registration on NASDAQ. Trading in the Company’s
Class A ordinary shares and Units continues on NASDAQ.

F-41

On November 27, 2024, the Company received the
notice from the staff of the Nasdaq notifying the Company that the Company is not in compliance with Listing Rule 5450(a)(2) (the “ Minimum
Public Holders Rule”), which requires the Company to maintain a minimum of 400 total holders for continued listing on the Nasdaq
Global Market. An indicator reflecting the Company’s non-compliance will be broadcast over Nasdaq’s market data dissemination
network and will also be made available to third party market data providers. The Notice does not impact the listing of the Company’s
securities on the Nasdaq Global Market at this time.

Business Combination

On January 15, 2025, the Company consummated the
Business Combination pursuant to the merger agreement, entered into on December 22, 2023 (as amended on September 10, 2024, the “ Merger
Agreement”), with FST Corp., a Cayman Islands exempted company limited by shares (“ CayCo”), FST Merger LTD..,
a Cayman Islands exempted company limited by shares and a direct wholly owned subsidiary of CayCo, (“ Merger Sub”) and
Femco Steel Technology Co., LTD.., a company limited by shares incorporated and in existence under the laws of Taiwan with uniform commercial
number of 04465819 (“FST” and together with CayCo and Merger Sub, the “ FST Parties”). Pursuant to
the Merger Agreement, among other things, Merger Sub merged with and into the Company with the Company being the surviving company and
as a direct, wholly owned subsidiary of CayCo (the “ Merger”), and the Company changed its name to “ FST Ltd.”

Pursuant to the Business Combination Agreement,
(i) at Merger Effective Time, each of the Company’s unit outstanding immediately prior to the Merger Effective Time was automatically
detached, and the holder thereof was deemed to hold one (1) of the Company’s Class A Ordinary Share and one-half (1/2) of the Company’s
Warrant in accordance with the terms of the applicable Company unit; (ii)  each of the Company