Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 274

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 274
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 LBV) would have been conducted in Europe. November 15, 2023 The BLAC M&A Committee met with all members participating. A representative of K&L Gates, BLAC’s outside legal counsel, also participated. In addition, Kuk Hyoun Hwang, CEO of BLAC and OSR Holdings, and Jun Whang, member of the BLAC Board, also participated for a portion of the meeting. All of the members of the BLAC M&A Committee confirmed they had received the materials circulated in advance of the meeting. They then discussed the material terms of the proposed Business Combination Agreement and asked questions of counsel and management. Following such conversation, members of management departed the meeting and the BLAC M&A Committee discussed the proposed transaction and agreements submitted for consideration. The BLAC M&A Committee affirmed that BLAC is a blank check company that completed its IPO on February 14, 2023 with a 9 -monthtime limitation to identify a target company and consummate a Business Combination. Due to the 9 -monthtime limitation, BLAC was restricted in the total number of companies that it could review, analyze, conduct meetings with, and otherwise consider as potential business combination targets (“Potential Targets”). Many of the Potential Targets expressed concern and reservation about proceeding with a Business Combination with BLAC or any SPAC due to the high rate of investor redemptions being experienced in the SPAC market and thus placed a high degree of importance on the SPAC’s ability to complete a private financing (a “PIPE Transaction”) in combination with the Business Combination. The BLAC M&A Committee noted that during discussions with the Potential Targets through the date of this meeting, BLAC has not secured any commitments for a PIPE Transaction in support of the Business Combination. The BLAC M&A Committee further noted that representatives of OSR Holdings and BLAC participated in numerous in -depthmeetings, diligence calls and virtual meetings that covered all aspects of business, financial and technical due diligence, including a detailed review of OSR Holdings’ business plan, financial model, growth strategy, target markets, intellectual property, and capital structure. The BLAC M&A Committee also acknowledged that representatives of BLAC had numerous discussions with Potential Targets, other than OSR Holdings, regarding the possibility of a Business Combination between BLAC and/or OSR Holdings, and none of such other Potential Targets were willing to engage in negotiations for a potential Business Combination solely with BLAC due to concerns over redemptions and BLAC’s lack of commitments for a PIPE Transaction