Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 110

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 7
Chunk 110
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 SPAC
IPO. These loans were non-interest bearing, unsecured and are due at the earlier of June 15, 2022, or the closing of the
SPAC IPO. At the consummation of the SPAC IPO, SPAC paid $142,350 to the Old SPAC Sponsor in full repayment of the promissory
note. As of December 31, 2024 and December 31, 2023, SPAC had no outstanding balance under the promissory note, respectively.

On
April 13, 2023, SPAC issued a non-interest bearing non-convertible unsecured promissory note to the Old SPAC Sponsor for
a principal amount of up to $1,050,000 to fund the contributions to SPAC’s Trust Account in connection with the first extension
amendment and the first trust amendment. On each of April 27, 2023, May 30, 2023, and June 28, 2023, the SPAC deposited
$150,000, for an aggregate of $450,000, into the Trust Account, of which, $300,000 was raised from the April 2023 Note.
The April 2023 Note was terminated on October 4, 2023 and all amounts outstanding, amounted to $300,000, under the April 2023
Note are forgiven without any further liability of SPAC or the Old SPAC Sponsor. The amounts forgiven are booked as a capital transaction
at October 4, 2023.

On
October 25, 2023, SPAC issued a non-interest bearing non-convertible unsecured promissory note to the New SPAC Sponsor
for a principal amount of up to $1,960,000 to fund the extension contributions in connection with the second extension. As of December
31, 2024, the total outstanding under the October 2023 Note was $1,520,084.

On
July 11, 2024, SPAC issued a non-interest bearing non-convertible unsecured promissory note to the New SPAC Sponsor for
a principal amount of up to $500,000. SPAC may apply the amount advanced by the New SPAC Sponsor under such promissory note to fund the
extension contribution or, as SPAC deems appropriate, towards general corporate purposes. As of December 31, 2024, the total outstanding
under the July 2024