Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 37

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 37
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ITEM 4. INFORMATION ON THE COMPANY

A. History and Development of the Company

FST Corp. is an exempted company incorporated with limited liability
under the laws of the Cayman Islands incorporated on November 24, 2023, solely for the purposes of effecting the Business Combination.
We conduct our operations through our subsidiaries and do not conduct operations directly.

Chenghe is a blank check company incorporated on May 20, 2021,
as a Cayman Islands exempted company with limited liability for the purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with one or more businesses.

Femco is a renowned manufacturer and innovator in the golf industry
with a growing portfolio of innovative golf products, including acclaimed golf club shafts and other equipment. Founded in Taiwan in 1976
and commencing golf club shaft manufacture in 1992, Femco has spent more than three decades meticulously crafting high-performance shafts
for golfers worldwide.

On January 15, 2025, we consummated the transaction contemplated
by the Business Combination Agreement. Pursuant to the Business Combination Agreement, (a) we acquired at least 99.34% of all issued and
outstanding shares of Femco held by shareholders of Femco in exchange for our ordinary shares, and (b) Merger Sub merged with and into
Chenghe, with Chenghe continuing as the surviving entity and a wholly-owned subsidiary of our company, and Chenghe changed its name to
“ FST Ltd.” The FST Restructuring was completed in 2024, prior to the merger of Merger Sub and Chenghe at the closing of the
Business Combination. Our ordinary shares commenced trading on the Nasdaq Global Market under the symbol “ KBSX” on January
16, 2025.

Pursuant to the Business Combination Agreement, (i) each unit
of Chenghe outstanding immediately prior to the merger effective time, consisting of one (1) Class A ordinary share and one-half (1/2)
of one (1) warrant of Chenghe, automatically separated and the holder thereof was deemed to hold one (1) Class A ordinary
share and one-half (1/2) of one (1) warrant of Chenghe; (ii) each Class B ordinary share of Chenghe that was issued
and outstanding immediately prior to the merger effective time automatically converted into one (1) Class A ordinary share of
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