Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 203

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 203
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NOTE 1 - ORGANIZATION AND BUSINESS OPERATION

FST Ltd. (Formally “ Chenghe Acquisition
I Co.”, “ LatAmGrowth SPAC”) (the “ Company”) was incorporated as a Cayman Islands exempted company on May
20, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses or entities (the “ Business Combination”). As discussed below,
the Company completed a Business Combination on January 15, 2025.

Initial Public Offering

As of December 31, 2024, the Company had not commenced
any operations. All activity for the period from May 20, 2021 (inception) through December 31, 2024 relates to the Company’s formation,
its initial public offering (the “ IPO”), the search for a Business Combination target and the negotiation of a Business Combination,
which as noted below, was completed on January 15, 2025. The Company will not generate any operating revenues until after the completion
of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on
cash and cash equivalents from the proceeds derived from the IPO. The Company has selected December 31 as its fiscal year end.

The registration statement for the Company’s
IPO was declared effective on January 24, 2022. On January 27, 2022, the Company consummated the IPO of 13,000,000 units, (the “ Units”
and, with respect to the Class A ordinary shares included in the Units being offered, the “ Public Shares”), at $10.00 per
Unit, generating gross proceeds of $130,000,000, which is discussed in Note 3. Each Unit consists of one Public Share and one-half of
one redeemable warrant (the “ Public Warrant”). On September 8, 2023, BofA Securities, Inc. (“ BofA”) delivered
a letter to the Company to waive its entitlement to the payment of $2,275,000 deferred underwriting fee to be paid under the terms of
the underwriting agreement (the “ Underwriting Agreement”) dated January 24, 2022 entered into in connection with the IPO by
and among the Company, BofA and Banco BTG Pactual S. A. (“ BTG Pactual”).