Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 90

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 5
Chunk 90
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 pro forma adjustments that present the reasonably estimable synergies and other transaction effects
that have occurred or are reasonably expected to occur (“ Management’s Adjustments”).

The unaudited pro forma combined
consolidated financial information has been presented for illustrative purposes only and do not necessarily reflect what the combined
company’s financial condition or results of operations would have been had the Business Combination occurred on the dates indicated.
Further, the unaudited pro forma combined consolidated financial information also may not be useful in predicting the future financial
condition and results of operations of the combined company. The actual financial position and results of operations may differ significantly
from the pro forma amounts reflected herein due to a variety of factors. The unaudited pro forma Transaction Accounting Adjustments represent
management’s estimates based on information available as of the date of this unaudited pro forma combined consolidated financial
information and are subject to change as additional information becomes available and analyses are performed.

The unaudited pro forma combined
consolidated statement of balance sheet as of December 31, 2024 have been prepared using, and should be read in conjunction with (i) the
SPAC’s audited financial statements and the related notes as of and for the years ended December 31, 2024; and (ii) the FST’s
audited consolidated financial statements and the related notes as of and for the years ended December 31, 2024; included elsewhere in
this Form 20-F.

The unaudited pro forma combined
consolidated financial information is for illustrative purposes only. The financial results may have been different had the companies
always been combined. You should not rely on the unaudited pro forma combined consolidated financial information as being indicative of
the historical results that would have been achieved had the companies always been combined or the future results that the combined company
will experience. FST and SPAC have not had any historical relationship prior to the Transactions. Accordingly, no pro forma adjustments
were required to eliminate activities between the companies.

There is no historical activity
with respect to FST Corp. and FST Merger Ltd accordingly, no adjustments were required with respect to these entities in the pro forma
combined financial statements.

The following table summarizes
the number of the Combined Company’s ordinary shares issued and outstanding as of January 23, 2025 immediately following the consummation
of the Business Combination, excluding the potential dilutive effect of the exercise or vesting of warrants:

  Shares issued to F