Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 245

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 245
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 first introduced the basic terms of a potential transaction between BLAC and OSR Holdings with management of OSR Holdings on May 2, 2023, when a proposed draft letter of intent was initially distributed by legal counsel to BLAC. At such time, OSR Holdings was evaluating a range of other acquisition and strategic opportunities as part of its ongoing business operations but it had not reached any definitive or other agreements for any such transaction. Following its formation, the BLAC M&A Committee did not consider any additional business combination targets other than OSR Holdings, but, at a meeting held on June 18, 2023, the BLAC M&A Committee was presented with information on the BLAC Board’s discussions with, and analyses of, the other business combination targets the BLAC Board considered, and the BLAC M&A Committee considered such information in making its decisions to ratify the BLAC Board’s prior actions, enter into the LOI, and ultimately approve the Business Combination. The BLAC M&A Committee was at all times aware that Mr. Hwang had prior discussions with OSR Holdings regarding a potential business combination, and that Mr. Hwang was involved in the preparation of the initial draft of the LOI between BLAC and OSR Holdings, in each case prior to the formation of the BLAC M&A Committee. 146 Additionally, the BLAC M&A Committee was aware that Mr. Hwang and Mr. Whang, each members of the BLAC Board, have a financial ownership interest in Bellevue Capital Management, LLC, which controls Sponsor and owns over 40% of the outstanding capital stock of OSR Holdings. In making its decisions to ratify the entry into the non -disclosureagreement and approve the LOI, the BLAC M&A Committee considered these conflicts of interest. For a description of the meeting at which the BLAC M&A Committee approved the draft LOI, which included discussions of conflicts of interest and a review of management of BLAC’s analyses of other target companies considered, see “— BLAC and OSR Holdings Discussions regarding Business Combination — June 18, 2023.”With respect to ratifying the non -disclosureagreement specifically, the BLAC M&A Committee considered the foregoing conflicts of interest and determined that ratifying the non -disclosureagreement did not present any additional risk to BLAC. Additionally, the BLAC M&A Committee, in ratifying actions taken by the BLAC Board prior to the BLAC M&A Committee’s formation, considered the