Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 232

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 232
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 IPO
a 45-day option from the date of the IPO to purchase up to an additional 1,950,000 Units to cover over-allotments, which expired
unexercised on March 10, 2022.

The underwriters received a cash underwriting
discount of two percent (2%) of the gross proceeds of the IPO, or $2,600,000. Additionally, the underwriters will be entitled
to a deferred underwriting discount of 3.5% of the gross proceeds of the IPO, or $4,550,000, upon the completion of the Company’s
initial Business Combination.

On September 8, 2023, BofA delivered a letter to the Company to waive
its entitlement to the payment of $2,275,000 deferred underwriting fee to be paid under the terms of the Underwriting Agreement. On September
19, 2023, BTG Pactual delivered a letter to the Company to waive its entitlement to the payment of $2,275,000 deferring underwriting fee
with respect to the Business Combination. As a result, the Company recorded a reduction of the deferred underwriting payable of $4,550,000,
with $186,550 to other income and $4,363,450 to accumulated deficit during the year ended December 31, 2023.

Forward Purchase Agreement

An affiliate of the Old Sponsor (the “ Sponsor Affiliate”)
entered into a forward purchase agreement with the Company in connection with the IPO that provides for the purchase by the Sponsor Affiliate
of an aggregate of up to 4,000,000 Units for an aggregate purchase price of up to $40,000,000, in a private placement that will close
simultaneously with the closing of the Company’s initial Business Combination. The forward purchase agreement requires the Company
to deliver a notice to the forward purchaser 10 business days prior to the signing of any definitive document for a business combination,
setting forth the number of forward purchase units that it desires to purchase. Within five business days of receipt of such notice, the
forward purchaser will inform the Company the number of forward purchase units that it wishes to purchase, which shall constitute binding
obligations of the forward purchasers. The Company did not deliver a notice to the forward purchase in connection with the signing of
the Business Combination Agreement, and therefore, the forward purchaser is not obligated to purchase any forward purchase units under
the forward purchase agreement. The forward purchaser did not purchase any forward