Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 344

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 344
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 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 ($146,767,281 assuming holders of 60% of OSR Holdings common stock execute Participating Stockholder Joinders to the Amended and Restated Business Combination Agreement, the minimum amount required thereunder), which was implied based on the terms of the transactions agreed to by the parties in negotiating the Amended and Restated Business Combination Agreement and reflects the equity value of BLAC’s ownership in OSR Holdings following the Business Combination. The BLAC Board also considered qualitative factors such as OSR Holdings’ business and financial condition and prospects, the experience and commitment of OSR Holdings’ management team, as well as valuations and trading of publicly traded companies in similar and adjacent sectors. For additional information, see “The Business Combination — The BLAC M&A Committee’s Reasons for the Approval of the Business Combination — Comparable Company Analysis.” The BLAC Board determined that the consideration being paid in the Business Combination, which amount was negotiated at arm’s -length, was fair to, and in the best interests of, BLAC and its stockholders and appropriately reflected OSR Holdings’ value. The BLAC Board believes that because of the financial skills and background of its