Company: FSTWF
Filing Date: 2025-07-22
Form Type: F-1/A
Source: 0001213900-25-066660
Chunk: 172

Company: FST Corp.
Filing Date: 2025-07-22
Form: F-1/A
Chunk 172
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 shareholders, and the existing shareholders of FST subsequently subscribe the 37,749,381shares issued by the Company. Through the shares exchange, as of December31, 2024, FST Corp. obtained 99.34% of the equity interests of FST. •At the FST Restructuring closing and immediately following the issuance of the Company’s ordinary shares to initial FST’s shareholders, each initial FST Corp.’s shareholder prior to the FST Restructuring will surrender all of its FST Corp.’s ordinary shares that were issued and outstanding immediately for no consideration to FST Corp. and all such shares of FST Corp. will be cancelled. Immediately before and after the FST Restructuring as described above, FST Corp. together with its subsidiaries were effectively controlled by the same controlling shareholders; therefore, the FST Restructuring was accounted for as a recapitalization. Business Combination On January 15, 2025 (the “Closing Date”), the Company completed the Business Combination, pursuant to the terms of the Business Combination agreement, FST Merger Ltd. merged with and into Chenghe with Chenghe being the surviving company and as a direct, wholly owned subsidiary of the Company, and Chenghe changed its name to “FST Ltd.”. F-10 FST Corp.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In U.S. dollars, except for share and per share data, or otherwise noted) 1.ORGANIZATION AND PRINCIPAL ACTIVITIES (cont.) In connection with the closing of the Business Combination, the Company’s shares began trading on The Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “KBSX” on January 16, 2025. Unless the context otherwise requires, the information below pertains to the Group, the pre -BusinessCombination companies since January 15, 2025. Please refer to Note 16 Subsequent Events for further discussion of the Business Combination. 2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a)Basis of presentation, principles of consolidation and going concern considerations The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The accompanying consolidated financial statements include the financial statements of the Company and its subsidiaries. All inter -companybalances and transactions are eliminated upon consolidation