Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 213

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 1
Chunk 213
---
 Company’s Trust Account, if any. At the Sponsor’s discretion, the principal balance of the Note may
be converted at any time prior to the consummation of a Business Combination into Units identical to the Private Placement Units at a
price of $10.00 per Unit. The Company repaid the promissory note on December 4, 2023.

On November 13, 2023, the Company issued an unsecured promissory
note (the “BCM Note”) in the principal amount of $180,000 to BCM to fund the payment to extend the date to consummate
an initial business combination to February 14, 2023. The BCM Note is non-interest bearing and is payable in full on the earlier
of: (i) December 31, 2024 or (ii) the date on which the Company consummates a Business Combination. In the event that the Company
does not consummate a business combination, the BCM Note will be repaid only from amounts remaining outside of the Company’s Trust
Account, if any. The Company repaid the BCM Note on December 4, 2023.

As previously reported
by the Company on its Current Report Form 8-K filed on February 9, 2024, on that date the Company issued an unsecured promissory
note in the principal amount of $75,000 to Jun Chul Whang, a member of the Company’s Board of Directors (the “Jun Chul
Whang Promissory Note.”)

106

Also on February 9, 2024,
$60,000 was deposited in the trust account in connection with the extension of the date by which the Company must consummate a business
combination from February 14, 2024 to March 14, 2024.

The Jun Chul Whang Promissory
Note is not interest bearing and is payable in full on the earlier of: (i) August 9, 2024 or (ii) the date on which the
Company consummates an initial business combination. In the event that the Company does not consummate a business combination on or prior
to the time provided in the Company’s Amended and Restated Certificate of Incorporation (as subject to extension), Mr. Whang agrees
to forgive the principal balance of the Jun Chul Whang Promissory Note, except to the extent of any funds remaining outside of the Company’s
trust