Company: OWLS
Filing Date: 2025-08-01
Form Type: DRS/A
Source: 0000950123-25-006894
Chunk: 106

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-08-01
Form: DRS/A
Chunk 106
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 any registered shareholders or other existing shareholders will sell any of their Class A Common Shares and there may initially be a lack of supply of, or demand for, Class A Common Shares on Nasdaq. In the case of a lack of
supply of our Class A Common Shares, the trading price of our Class A Common Shares may rise to an unsustainable level. Further, institutional investors may be discouraged from purchasing our Class A Common Shares if they are unable to purchase a
block of our Class A Common Shares in the open market due to a potential unwillingness of our existing shareholders to sell a sufficient amount of Class A Common Shares at the price offered by such institutional investors and the greater
influence individual investors have in setting the trading price. If institutional investors are unable to purchase our Class A Common Shares, the market for our Class A Common Shares may be more volatile without the influence of long-term
institutional investors holding significant amounts of our Class A Common Shares. Conversely, there can be no assurance that the registered shareholders and other existing shareholders will not sell all of their shares, resulting in an oversupply of
our Class A Common Shares on Nasdaq. In the case of a lack of market demand for our Class A Common Shares, the trading price of our Class A Common Shares could decline significantly and rapidly after our listing. Therefore, an active,
liquid and orderly trading market for our Class A Common Shares may not initially develop or be sustained, which could significantly depress the public price of our Class A Common Shares and/or result in significant volatility, which could
affect your ability to sell your Class A Common Shares.

In particular, as this listing is taking place through a novel process that
is not an underwritten initial public offering, there will be no traditional book building process and no price at which traditional underwriters initially sold shares to the public to help inform efficient price discovery with respect to the
opening trades on Nasdaq. On the day that our Class A Common Shares are initially listed on Nasdaq, Nasdaq will begin accepting, but not executing, pre-opening buy and sell orders and will begin to continuously generate the indicative Current
Reference Price on the basis of such accepted orders. The Current Reference Price is calculated each second and, during a 10-minute “Display Only” period, is disseminated, along with other indicative imbalance information, to market
participants by Nasdaq on its NOII and BookViewer tools. Following the “Display Only” period, a “Pre-Launch” period begins, during which D. Boral Capital LLC