Company: FSTWF
Filing Date: 2025-07-25
Form Type: 424B3
Source: 0001213900-25-067790
Chunk: 233

Company: FST Corp.
Filing Date: 2025-07-25
Form: 424B3
Chunk 233
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|                                                  |     |   | December 31, 
         2023 |     |   |    Quoted 
 Prices in 
    Active 
   Markets 
 (Level 1) |     |   | Significant 
 Other       
 Observable  
 Inputs      
 (Level 2)   |     |   |  Significant 
        Other 
 Unobservable 
       Inputs 
    (Level 3) |
|:-------------------------------------------------|:----|:--|-------------:|:----|:--|----------:|:----|:--|:------------|:----|:--|-------------:|
| Liabilities:                                     |     |   |              |     |   |           |     |   |             |     |   |              |
| Warrant liabilities – Public Warrants            |     | $ |       65,000 |     | $ |    65,000 |     | $ | —           |     | $ |            — |
| Warrant liabilities – Private Placement Warrants |     |   |       79,000 |     |   |         — |     |   | —           |     |   |       79,000 |
|                                                  |     | $ |      144,000 |     | $ |    65,000 |     | $ | —           |     | $ |       79,000 |

The Public Warrants and the Private Placement Warrants are accounted for as liabilities in accordance with ASC 815 -40and are presented within liabilities on the balance sheets. The warrant liabilities were measured at fair value at inception and remeasured on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the statements of operations.

F-59

FST LTD.
(FORMERLY CHENGHE ACQUISITION I CO.)
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2024 AND 2023 NOTE 9 — FAIR VALUE MEASUREMENTS (cont.) The Company used a Binomial Option Pricing Model to value the Private Placement Warrants and a Black -Scholesmodel to value the overallotment option at the initial measurement date. The Company allocated the proceeds received from (i) the sale of Units (which is inclusive of one share of Class A ordinary shares and one -halfof one Public Warrant), first to the warrants and overallotment option based on their fair values as determined at initial measurement, with the remaining proceeds allocated to Class