Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 250

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 250
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3, Company A’s President and CEO (at the time Company A’s Chief Strategy Officer), met with Mr. Hwang, Mr. Shin and Mr. Whang to discuss Company A’s pursuit of a SPAC combination. Topics of discussion included an introduction to BLAC and its operational and acquisition strategy, and a status update on Company A’s search for a SPAC business combination partner. The parties discussed BLAC’s February 14, 2023, $60 million IPO, and its underwriter Chardan’s exercise of its 15% overallotment option, bringing the total in trust to $69 million. Company A informed BLAC that at one point, Company A’s self -assessedvaluation was over $1 billion, but that due to Company A -specificissues, as well as biotech market conditions generally, the valuation had been substantially reduced. Company A offered to arrange for video conferences or in -personmeetings with key members of Company A staff, and to open Company A’s data room to BLAC. Company A expressed concern about redemptions, as SPAC -marketwide investor redemptions have averaged 95 -99%; specifically, they were concerned about BLAC’s ability to have enough funds to execute a business combination with Company A. The parties concluded the meeting agreeing to follow up over the following weeks. After the March 10, 2023 meeting with Company A, from March 11 to13, while Messrs. Hwang and Shin were in New York City, they met with Mr. Whang and had extensive discussions regarding the possibility of a direct business combination with Company A. They also discussed the possibility of a business combination with other companies to which BLAC had contacted by that time (see below). Mr. Whang exchanged further text and email messages with Company A’s President and CEO and Company A’s counsel in the following weeks. On April 14, 2023, Company A and Messrs. Hwang and Whang conducted an extensive video conference to further discuss Company A’s and BLAC’s respective strategies, and BLAC disclosed to Company A that it was considering executing a business combination with OSR Holdings. The parties discussed whether Company A might consider becoming acquired by OSR Holdings. Company A’s President and CEO said he would discuss the issue with Company A’s Board of Directors, but said that Company A would probably prefer a direct business combination with BLAC. BLAC informed Company A that they would give more consideration to a direct business combination with Company A