Company: FSTWF
Filing Date: 2025-02-28
Form Type: F-1
Source: 0001213900-25-018264
Chunk: 51

Company: FST Corp.
Filing Date: 2025-02-28
Form: F-1
Chunk 51
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 by it, him or her with FST Ordinary Shares, so that at the Closing, or as soon as practicable thereafter, FST will be the sole shareholder of FST. Pursuant to the Business Combination Agreement, FST shall have acquired at least 90% of all issued and outstanding Company Shares on or prior to the Closing. The following unaudited pro forma condensed combined consolidated ﬁnancial information has been prepared under the assumption that 100% of all issued and outstanding Company Shares have been acquired. Pursuant to the Business Combination Agreement, at the Merger Effective Time, (i) each outstanding SPAC Unit, consisting of one (1) SPAC Class A Ordinary Share and one -half(1/2) of one (1) SPAC Warrant, will be automatically separated and the holder thereof will be deemed to hold one (1) SPAC Class A Ordinary Share and one -half(1/2) of one (1) SPAC Warrant; (ii) each SPAC Class B Ordinary Share that is issued and outstanding immediately prior to the Merger Effective Time shall be automatically converted into one (1) SPAC Class A Ordinary Share and each SPAC Class B Ordinary Shares shall no longer be issued and outstanding and shall automatically be cancelled and cease to exist; (iii) each SPAC Class A Ordinary Share (which for the avoidance of doubt, includes the SPAC Class A Ordinary Shares (A) issued in connection with the SPAC Class B Conversion; and (B) held as a result of Unit Separation) shall be converted into the right to receive one (1) FST Ordinary Share; and (iv) each SPAC Warrant that is outstanding and unexercised shall be automatically converted into the right to receive a FST Warrant, which shall be on the same terms and conditions as the applicable SPAC Warrant. At the Closing, in accordance with the Companies Act (as revised) of the Cayman Islands, Merger Sub will merge with and into SPAC, the separate corporate existence of Merger Sub will cease and SPAC will be the surviving corporation and a wholly -ownedsubsidiary of FST. Under the Business Combination Agreement, the base equity value of FST is $400,000,000 and will be paid entirely in shares, comprised of newly issued ordinary shares of the FST, with each share valued at the Per Share Price. Accounting for the Transactions The Transactions will be accounted for as a reverse merger in accordance with GA