Company: OTSA
Filing Date: 2025-03-26
Form Type: DRS/A
Source: 0001013762-25-002776
Chunk: 100

Company: OTSAW Ltd
Filing Date: 2025-03-26
Form: DRS/A
Chunk 100
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] per Class A Ordinary Share and after deducting the underwriting discounts and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value on April 30, 2024 would have been $[•], or $[•] per Class A Ordinary Share. This represents an immediate increase in pro forma as adjusted net tangible book value of $[•] per Class A Ordinary Share to existing investors and immediate dilution of $[•] per Class A Ordinary Share to new investors. The following table illustrates this dilution to new investors purchasing Class A Ordinary Shares in this offering: The following table sets forth the estimated net tangible book value per ordinary share after the offering and the dilution to persons purchasing Class A Ordinary Shares based on the foregoing firm commitment offering assumptions.

| Assumed offering price per Class A Ordinary Share                                                                                                                     
 Net tangible book value per Class A Ordinary Share as of April 30, 2024                                                                                               |     | Offering       
 Without        
 Over-Allotment | [•] 
 [•] |     | Offering       
 With           
 Over-Allotment | [•] 
 [•] |
|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:---------------|:----|:----|:---------------|:----|
| Increase in pro forma as adjusted net tangible book value per Class A Ordinary Share attributable to new investors purchasing Class A Ordinary Share in this offering |     | $              | [•] |     | $              | [•] |
| Pro forma as adjusted net tangible book value per Class A Ordinary Share after this offering                                                                          |     | $              | [•] |     | $              | [•] |
| Dilution per Class A Ordinary Share to new investors in this offering                                                                                                 |     | $              | [•] |     | $              | [•] |

Each $1.00 increase (decrease) in the assumed initial public offering price of $[•] per Class A Ordinary Share would increase (decrease) our pro forma as adjusted net tangible book value as of April 30, 2024 after this offering by approximately $[•] per Class A Ordinary Share, and would increase (decrease) dilution to new investors by $[•] per ordinary share, assuming that the number of Class A Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts and estimated offering expenses payable by us. The pro forma as adjusted