Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 623

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 1B
Chunk 623
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 As of December 31, 2024,
the Company withdrew $1,017,619 of interest income earned in the Trust Account for payment of the Company’s franchise tax and
income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account and paid $798,589 in franchise and
incomes taxes resulting in $219,030 having been withdrawn from the Trust Account and not used to pay franchise and income taxes.
As of December 31, 2024, the Company has outstanding income tax obligations of $358,333 and has recorded prepaid franchise taxes of $78,383
related to future periods.

Nasdaq Listing Rules Compliance

As previously reported
by the Company on Form 8-K filed on June 28, 2023, due to the resignation of a director effective on June 21,
2023, the Company notified the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company
was not currently in compliance with Nasdaq Listing Rule 5605(c)(2)(A) (the “Listing Rule”). The Listing Rule requires the
Audit Committee of the Board of Directors be composed of at least three members, each of whom must meet independence requirements under
the Nasdaq Listing Rules and the Securities Exchange Act of 1934, as amended. The Company regained compliance with the Listing Rule on
June 23, 2024.

As previously reported
by the Company on Form 8-K filed on June 13, 2024, due to the resignation of directors effective on June 7, 2024,
the Company notified the Listing Qualifications Department of Nasdaq that the Company was not currently in compliance with Nasdaq’s
majority independent board, compensation committee composition and audit committee composition requirements as described in Nasdaq Listing
Rules 5605(b)(1), 5605(d)(2)(A) and 5605(c)(2)(A), respectively (the “Additional Listing Rules”). OSR, Inc. regained compliance
with the Additional Listing Rules on June 23, 2024.

F-10

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.) 

NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

On February 15,
2024, the Company received a notification from the Listing Qualifications Department of Nasdaq notifying the Company that the Company
no longer