Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 274

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 274
---
 placeholders and an outline of discussion topics regarding a potential business combination between BLAC and OSR Holdings, the executed version of the LOI deviated from the version initially circulated by K&L Gates to Mr. Hwang on May 2, 2023, because it reflected the foregoing negotiated, specific terms. Additionally, the Business Combination Agreement ultimately varied in certain ways from the July 11, 2023, LOI, as described below under “November 16, 2023” (e.g., the structure of the transaction no longer involved a reverse merger, the concept of earnout shares was removed, certain company shareholders would no longer be subject to lock -up, etc.). The parties’ decisions to deviate from the LOI were the result of arms -lengthnegotiations between the parties that were informed by, among other things, changes to the capital markets environment and the positions of certain OSR Holdings’ shareholders. The LOI proposed a valuation of OSR Holdings in the range of $200,000,000 to $240,000,000 in accordance with the indicative valuation range based on the latest fair market value calculations obtained in connection with the share exchange transactions conducted with Vaximm, RMC and Darnatein that the BLAC Board, BLAC M&A Committee, and BLAC management agreed were well founded. The BLAC M&A Committee and the BLAC Board independently reviewed, and agreed with, the contents of the fair market value analysis, a summary of which is in the section entitled “The Business Combination — The BLAC M&A Committee’s Reasons for the Approval of the Business Combination — Fair Market Value.” July 12, 2023 K&L Gates, counsel to BLAC, circulated an initial draft of the Business Combination Agreement, and BLAC and OSR Holdings began negotiating the terms of such agreement. The material terms of the first draft of the Business Combination Agreement deviated from the LOI in the following ways, but otherwise substantively aligned with the LOI: •The transaction no longer contemplated an earnout (with no corresponding increase to the closing consideration). •There transaction no longer contemplated certain OSR Holdings’ shareholders being subject to a 180 -daylock -up, but instead, certain OSR Holdings’ shareholders would sign a Non -ParticipatingStockholder Joinder which postpones the share exchange transaction with respect to those shareholders until January1, 2026 (or upon a change of control of the Combined Company) for those shareholders. The Business Combination