Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 1900

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 9
Chunk 1900
---
ans”). 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 of members of the Sponsor, a total of $7,500 per month for office space, utilities, secretarial and administrative
support (“Administrative Support Fees”). Upon completion of the Business Combination or the Company’s liquidation, the
Company will cease paying these monthly fees. During the years ended December 31, 2024 and 2023, the Company incurred $90,000 and
$75,000, respectively, of Administrative Support Fees, which are included in general and administrative expenses in the accompanying consolidated
statements of operations. As of December 31, 2024 and 2023, the outstanding balance was $15,000 and $15,000, respectively, recorded
as due to affiliate.

Due to Affiliate 

On August 17, 2021,
the Sponsor agreed to advance the Company up to $10,000. On February 17, 2022, the Company repaid $10,000 to the Sponsor. On
April 28, 2022, the Sponsor agreed to advance