Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 239

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 239
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                             $                       1,784,287      $         3,650,731  

The key measures of segment profit or loss reviewed by our CODM are
interest earned on investment in Trust Account and formation and operating expenses. The CODM reviews interest earned on investment in
Trust Account to measure and monitor shareholder value and determine the most effective strategy of investment with the Trust Account
funds while maintaining compliance with the trust agreement. Within formation and operating costs, the CODM specifically reviews professional
service fees and financing costs in connection with the business combination, which are significant segment expenses. The professional
service fee in connection with the Business Combination includes legal fees and advisory fees, as these represent significant costs affecting
the Company’s consummation of the Business Combination. Other formation and operating costs, including accounting expenses, printing
expenses, and regulatory filing fees, are reviewed in aggregate to ensure alignment with budget and contractual obligations. These expenses
are monitored to manage and forecast cash available to complete a business combination within the required period. The CODM does not review
the total assets of the Company, so segment assets are not presented in above table.

NOTE 11 - SUBSEQUENT EVENTS

The Company evaluated subsequent events and transactions
that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than
below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

Subsequent to December 31, 2024 and prior to the
closing of the Business Combination, the New Sponsor transferred 100,000 Earnout Shares to the Old Sponsor, as disclosed in Note 1.

On January 15, 2025,
the Closing Date, pursuant to the Business Combination Agreement, Merger Sub merged with and into the Company with the Company being the
surviving company and as a direct, wholly owned subsidiary of CayCo, and the Company changed its name to “ FST LTD.”.

On January 15, 2025, the Company paid $20,605,656, including $77,540
transaction costs, to the Seller, pursuant to the terms of the Prepaid Share Forward Agreement. See Note 6.

On January 16, 2025, the Company paid $20,724,552
to holders of 1,754,618 Class A ordinary shares, for redemption.

F-54

UNAUDITED PRO FORMA COMBINED CONSOLIDATED

Introduction

The following una