Company: FSTWF
Filing Date: 2025-07-08
Form Type: F-1/A
Source: 0001213900-25-061884
Chunk: 55

Company: FST Corp.
Filing Date: 2025-07-08
Form: F-1/A
Chunk 55
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000 |
| Add: Closing merger consideration payable in shares          |     |  39,736,190 |
| Weight average shares                                        |     |  44,766,003 |

36 MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of FST’s financial condition and results of operations in conjunction with the section entitled “Selected Consolidated Financial Data” and FST’s consolidated financial statements and the related notes included elsewhere in this prospectus/proxy statement. This discussion contains forward -looking statements that involve risks and uncertainties. FST’s actual results and the timing of selected events could differ materially from those anticipated in these forward -looking statements as a result of various factors, including those set forth under “Risk Factors” and elsewhere in this proxy statement/prospectus. This discussion primarily discusses the financial condition and results of operations of FST. FST Ltd. (formerly Cheng he Acquisition I Co.) is now a wholly owned subsidiary of FST. A brief discussion of Chenghe’s financial results for the periods presented in this prospectus is included at the end of this section for completeness. Unless the context otherwise requires, references in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” to “the Group”, “we”, “us”, and “our” are intended to mean the business and operations of FST Corp. and its consolidated subsidiaries following the consummation of the Business Combination. Company Overview FST, is a renowned manufacturer and innovator in the golf industry with a growing portfolio of innovative golf products, including acclaimed golf shafts and other equipment. Founded in Taiwan in 1976 and commencing golf shaft manufacture in 1992, the Group has spent more than three decades meticulously crafting high -performanceshafts for golfers worldwide. Since 1992, the Group has engaged in the research and development, manufacturing and sales of golf shafts. The Group currently produces and sells golf shafts under the Group’s own high -performance“KBS” golf shaft brand, and serves as an original equipment manufacturer (OEM) and original design manufacturer (ODM) for other world -renownedgolf equipment brands, golf equipment OEMs, and golf equipment distributors that provide consumers with customized golf services. The Group also develops its retail presence in Taiwan, U.S. and Japan markets through its KBS Golf Experience stores, which provide retail customers with experiential service like customized equipment building and retro -build