Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 914

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 2
Chunk 914
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 does not occur on or before March 31, 2025 (the “PIPE Outside Date”), the Company may prepay
the Duksung Promissory Note, in whole or in part, at any time after the PIPE Outside Date. The amount to be paid pursuant to any
such prepayment shall include the outstanding principal amount plus accrued and unpaid interest calculated at a simple rate of 7%
from the issuance date. As of December 31, 2024, the outstanding balance was $800,000. As of December 31, 2024 accrued interest of
$11,814 was recorded as accounts payable and accrued expenses. As of March 31, 2025, the Qualified PIPE Financing did not occur.

Working Capital Loans 

In addition to the loans described above, in order
to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the
Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital
Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the Trust Account
released to the Company. In the event that a Business Combination does not close, the Company may use a portion of the working capital
held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the
Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest,
or, at the lender’s discretion, up to $1,000,000 of such Working Capital Loans may be convertible into Units at a price of
$10.00 per Unit. The Units would be identical to the Private Placement Units. Except for the foregoing, the terms of such Working
Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. Loans made by Chardan or any
of its related persons, if any, will not be convertible into any of the Company’s securities, and Chardan and its related persons
will have no recourse with respect to their ability to convert their loans into any of the Company’s securities. As of
December 31, 2024 and 2023, no Working Capital Loans were outstanding.

Administrative Support Agreement 

Beginning on March 1, 2023, the Company agreed
to pay BCM, an affiliate