Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 240

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 1
Chunk 240
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 STATEMENTS

DECEMBER 31, 2024

NOTE 1–DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND BASIS OF
PRESENTATION

OSR Holdings, Inc. (formerly
known as Bellevue Life Sciences Acquisition Corp.) (the “Company”) was incorporated in Delaware on February 25, 2020.
The Company was incorporated for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization,
reorganization or similar business combination with one or more businesses or entities (the “Business Combination”).
The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.

On February 14, 2025
(the “Closing Date”), OSR Holdings, Inc. consummated its previously announced business combination (the “Business Combination”)
with OSR Holdings Co., Ltd., a corporation organized under the laws of the Republic of Korea (“OSR”), pursuant to the Amended
and Restated Business Combination Agreement dated May 23, 2024, as amended on December 20, 2024 (the “Business Combination Agreement”).
The Business Combination Agreement was entered into among the Company, OSR, and certain OSR stockholders that executed joinder agreements
thereto. At Closing, the Company issued 16,282,047 shares of Company common stock to participating OSR stockholders in exchange for 67%
of the outstanding shares of OSR’s Series A common stock. OSR stockholders holding an additional 22% of OSR common stock remain
as minority shareholders subject to contractual put and call rights exercisable beginning January 1, 2026, or upon a change in control
of the Company. The remaining 11% of OSR shares are held by stockholders who are not subject to any exchange, put, or call arrangements.
Following the transaction, OSR became a majority-owned subsidiary of the Company. Kuk Hyoun Hwang beneficially owns approximately 67.8%
of the outstanding shares of the Company’s common stock as of the Closing Date.

As of December 31, 2024, the Company had not commenced any operations.
All activity since inception relates to the Company’s formation, the initial public offering (“Initial Public Offering”),
and the search for a target business, which is described below. The Company will not generate any operating revenues until after the completion