Company: FSTWF
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-044386
Chunk: 236

Company: FST Corp.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 236
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 a
holder of the Company’s Class B ordinary shares to convert into Class A ordinary shares on a one-for-one basis prior to the closing
of a Business Combination at the election of the holder.

On November 8, 2023, the New Sponsor notified
the Company that it elected to convert 1,058,127 Class B ordinary shares held by itself to the same number of Class A ordinary shares,
pursuant to the Founder Share Amendment Proposal. On November 16, 2023, 1,058,127 Class B ordinary shares held by the New Sponsor were
converted into the same number of Class A ordinary shares.

F-52

NOTE 9 - FAIR VALUE MEASUREMENTS

The following table presents information about
the Company’s liabilities that are measured at fair value on December 31, 2024 and 2023 and indicates the Level 3 fair value hierarchy
of the valuation inputs the Company utilized to determine such fair value.

                                                                                       Quoted                      Significant      Significant                
                                                                                       Prices in                   Other            Other                      
                                                                                       Active                      Observable       Unobservable               
                                                        December 31,                   Markets                     Inputs           Inputs                     
                                                        2024                           (Level 1)                   (Level 2)        (Level 3)                  
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Liabilities:                                                                                                                                                 
  Warrant liabilities – Public Warrants                 $                 260,000      $              260,000      $                $                 —        
  Warrant liabilities – Private Placement Warrants                        343,566                     —                                               343,566  
                                                        $                 603,566      $              260,000      $                $                 343,566  

                                                                                       Quoted                     Significant      Significant               
                                                                                       Prices in                  Other            Other                     
                                                                                       Active                     Observable       Unobservable              
                                                        December 31,                   Markets                    Inputs           Inputs                    
                                                        2023                           (Level 1)                  (Level 2)        (Level 3)                 
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Liabilities:                                                                                                                                               
  Warrant liabilities – Public Warrants                 $                  65,000      $              65,000      $                $                 —       
  Warrant liabilities – Private Placement Warrants                         79,000                     —                                              79,000  
                                                        $