Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 510

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 510
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 the date of this proxy statement/prospectus, the outstanding balance of the July Sponsor Note is $280,000. 320 On October 10, 2024, BLAC issued an unsecured promissory note (the “October Note”) in the principal amount of $40,000 to Mr. Whang, a member of the Company’s Board. The October Note is not interest bearing and is payable in full on the earlier of: (i) November 9, 2024, (ii) at such time BLAC raises additional working capital funds, or (iii) the date on which BLAC consummates an initial business combination (the “October Note Maturity Date”). In the event that BLAC does not consummate a business combination on or prior to the time provided in the Current Charter (as subject to extension), Mr. Whang agrees to forgive the principal balance of the October Note, except to the extent of any funds remaining outside of BLAC’s Trust Account, if any. The following shall constitute an event of default: (i) a failure to pay the principal within five business days of the October Note Maturity Date and (ii) the commencement of a voluntary or involuntary bankruptcy action. BLAC repaid the October Note on October 28, 2024. On October 25, 2024, BLAC advanced a loan to OSR Holdings in the amount of $300,000 evidenced by a promissory note (the “OSR Holdings Promissory Note”) that bears interest at a rate of 3.96% per annum, compound semi -annually, and is due on October 25, 2025 (the “OSR Note Maturity Date”). Interest is payable only on maturity. The following events constitute an event of default under the OSR Holdings Promissory Note: (i) a failure to pay the outstanding balance due within five (5) business days of the OSR Note Maturity Date and (ii) the commencement of a voluntary or involuntary bankruptcy action. The funds are to be used by OSR Holdings for working capital and other expenses of OSR Holdings. As of the date of this proxy statement/prospectus, the outstanding balance of the OSR Holdings Promissory Note is $300,000. Administrative Service Fee Beginning on March 1, 2023, BLAC agreed to pay an affiliate of members of the Sponsor a total of $7,500 per month for office space, utilities, secretarial and administrative support.