Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 262

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 262
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 be prepared using the indicative valuation range for OSR Holdings’ equity value based on the latest fair market value as reflected in the share exchange transactions conducted with Vaximm, RMC and Darnatein. OSR Holdings executives acknowledged and agreed to the valuation terms proposed by Mr. Hwang. The initial draft LOI distributed on May 2, 2023, contained an outline of standard terms for a potential business combination, but did not contain any terms that had been negotiated by BLAC and OSR Holdings and was distributed as a basis for OSR Holdings and BLAC to begin negotiating specific terms. The outline contained a number of placeholder terms, conditions and provisions that BLAC and OSR Holdings would need to negotiate and provide input on, including, but not limited to: •Valuation of OSR Holdings, which, as discussed above and elsewhere in this proxy statement/prospectus, was initially proposed based on historical fair market value reports; •Transaction structure; •Lock -upterms; •PIPE financing; •Minimum cash condition; •Registration rights; •Equity compensation plan; 155 •Post -closingboard governance; and •Covenants, closing conditions, and representations and warranties. Subsequent drafts of the LOI, and, ultimately, the Business Combination Agreement, were negotiated based on the outlined terms in the May 2, 2023 LOI, but ultimately the Business Combination Agreement varied in several ways from the first draft LOI. The parties’ decisions to deviate from the LOI were the result of arms -lengthnegotiations between the parties that were informed by, among other things, changes to the capital markets environment. For a detailed description of the terms included in the final draft of the LOI, please see below under “— July 11, 2023.” For a description of the differences between the terms of the July 11, 2023 executed version of the LOI and the executed version of the Business Combination Agreement, please see below under “— November 16, 2023.” The LOI proposed a valuation of OSR Holdings In the range of $200,000,000 to $240,000,000 in accordance with the indicative valuation range based on the latest fair market value calculations obtained in connection with the share exchange transactions conducted with Vaximm, RMC and Darnatein that the BLAC Board, BLAC M&A Committee (once formed), and BLAC management agreed were well founded. The BLAC M&A Committee (once