Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 276

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 276
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 Business Combination Agreement and the transactions contemplated thereby. November 16, 2023 BLAC and OSR Holdings executed the Business Combination Agreement. In addition to other updates made to the Business Combination Agreement, the material terms of the executed version of the Business Combination Agreement deviated from the July 12, 2023 initial draft of the Business Combination Agreement in the following ways: •The Business Combination Agreement no longer contemplated a reverse merger involving a merger subsidiary, which BLAC and OSR Holdings mutually agreed was in the best interest of all parties and their respective shareholders, as applicable, as the merger sub structure would require extraneous expense and Korean regulatory approvals and processes that provided no material incremental benefit to any party; •BLAC would no longer provide OSR Holdings with cash consideration at closing, which BLAC believed was in the best interest of its shareholders, as New OSR Holdings would need as much cash at closing as possible to operate the business post -closing; •OSR Holdings’ stockholders were made party to the Business Combination Agreement; and •A closing condition requiring a minimum number of Participating Stockholders was added to the Business Combination Agreement, which was negotiated by BLAC as a protection to ensure it would not be forced to close the Business Combination in the event that it was not able to obtain a certain amount of ownership of OSR Holdings at closing. The foregoing updates necessitated other changes to the Business Combination Agreement with respect to the representations and warranties, and closing conditions, among other things, all of which were negotiated at arms -lengthbetween BLAC, OSR Holdings, and their respective counsel. Because OSR Holdings, the BLAC M&A Committee, and the BLAC Board all agreed that the historical fair market value reports provided the best basis for determining the value of OSR Holdings under the Business Combination Agreement, the Aggregate Consideration in the executed version of the Business Combination Agreement did not materially deviate from the OSR Holdings valuation proposed in the initial draft LOI distributed to the parties. See “The Business Combination — The BLAC M&A Committee’s Reasons for the Approval of the Business Combination — Fair Market Value”for a description of the of the fair market value reports. November 16 and 21, 2023 By emails dated November 16 and21, 2023 counsel for OSR Holdings, Mr. Mamoudjy of BG2V, exchanged emails with Mr. Brandam regarding additional questions in relation to its due diligence report. 164 November 27, 2023 By emails dated November