Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 311

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 311
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, set forth in this proxy statement/prospectus is qualified in its entirety by reference to the full text of Choloc’s opinion attached as Annex I. Choloc’s opinion was rendered to the BLAC M&A Committee in connection with its evaluation of the Business Combination and it does not address any terms or other aspects (other than the consideration to the extent expressly specified in Choloc’s opinion) of the transactions contemplated by the Business Combination Agreement. Choloc’s opinion does not address the BLAC M&A Committee’s or the BLAC Board’s underlying business decision to effect such transactions or the relative merits of such transaction as compared to any alternative business strategies or transactions that might be available to BLAC and did not address any legal, regulatory, tax, or accounting matters. Choloc’s opinion is not intended to and will not constitute a recommendation to the BLAC stockholders as to how such stockholders should vote or act with respect to the transactions contemplated by the Business Combination Agreement or any matter relating thereto. With respect to the bullets listed below and in connection with rendering its opinion, although Choloc considered internal information provided to it with respect to the business, earnings, cash flow, assets and liabilities of OSR Holdings and discussions conducted with the management and representatives of OSR Holdings, Choloc is relying on financial models prepared by the Korean affiliate of a global accounting firm (“AF”) and Ghilin Accounting Corp. (“Ghilin”) that served as the basis for its analysis set forth herein and the opinion it rendered to the BLAC M&A Committee. In connection with its opinion, Choloc: •reviewed certain internal information relating to the business, earnings, cash flow, assets and liabilities of OSR Holdings furnished to Choloc by the BLAC M&A Committee; •reviewed the final prospectus of BLAC dated February9, 2023 (the “Prospectus”) contained in the Registration Statement on Form S -1of BLAC as filed with the U. S. Securities and Exchange Commission (Reg. No. 333 -264597); •reviewed the Q1 2024 OSR Holdings Company Overview; •reviewed financial projection models (rNPV analysis) prepared by AF for Vaximm, dated May20, 2024; •reviewed financial projection models (rNPV analysis) prepared by AF for Darnatein, dated May20, 2024; •reviewed Ghilin Accounting Corp.’s discounted cash flow analysis