Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 347

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 347
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 the Trust Account for any reason whatsoever; provided that the waiver does not apply to funds of BLAC held outside of the Trust Account or a claim for equitable relief (including a claim for BLAC to specifically perform its obligations under the Business Combination Agreement). Satisfaction of 80% Test It is a requirement under our governing documents and under Nasdaq’s Listing Rules that any business we acquire have a fair market value equal to at least 80% of the balance of the funds in the Trust Account held for the benefit of our public stockholders at the time of the execution of a definitive agreement for an initial business combination. Our board of directors determined that the enterprise value of OSR Holdings equaled or exceeded 80% of the amount held by us in trust for the benefit of our public stockholders (excluding any deferred underwriters fees and taxes payable on the income earned on the Trust Account). As of November 16, 2023, the date of execution of the initial Business Combination Agreement, the balance of the funds in the Trust Account was approximately $70 million (excluding up to $2,070,000 of deferred underwriting fees) and 80% thereof represents approximately $56 million. In reaching its conclusion on the 80% asset test, the BLAC Board used as a fair market value the $250,339,610 equity value for OSR Holdings ($187,754,707 assuming holders of 75% of OSR Holdings common stock execute Participating Stockholder Joinders to the initial Business Combination Agreement, the minimum 207 amount required thereunder), which was implied based on the terms of the transactions agreed to by the parties in negotiating the Business Combination Agreement and reflects the equity value of BLAC’s ownership in OSR Holdings following the Business Combination. On May 23, 2024, the Business Combination Agreement was amended to (i) update the Aggregate Consideration Value of OSR Holdings to $244,612,136 and (ii) update the closing conditions to require holders of 60% of OSR Holdings common stock to execute Participating Stockholder Joinders to the Business Combination Agreement. At such time, the balance of the funds in the Trust Account was approximately $35 million (excluding up to $2,070,000 of deferred underwriting fees) and 80% thereof represents approximately $28 million. In reaching its conclusion on the 80% asset test, the BLAC Board used as a fair market value the $244,612,136 equity value for OSR Holdings ($146,767,