Company: OTSA
Filing Date: 2025-05-23
Form Type: DRS/A
Source: 0001213900-25-047247
Chunk: 101

Company: OTSAW Ltd
Filing Date: 2025-05-23
Form: DRS/A
Chunk 101
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excluding any Class A Ordinary Shares that may be sold as a result of the underwriters exercising their over -allotmentoption) at an assumed initial public offering price of $[•] per share, and after deducting the estimated underwriting discounts and estimated offering expenses payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this offering determined at pricing. Additional paid -incapital reflects the net proceeds we expect to receive, after deducting the underwriting discounts, estimated offering expenses payable by us and advisory fees. We estimate that such net proceeds will be approximately $[•].

56

DILUTION If you invest in our Class A Ordinary Shares, your interest will be diluted to the extent of the difference between the initial public offering price per Class A Ordinary Shares and the pro forma as adjusted net tangible book value per Class A Ordinary Share after the offering. Dilution results from the fact that the per ordinary share offering price is substantially in excess of the book value per Class A Ordinary Share attributable to the existing shareholders for our presently outstanding Class A Ordinary Shares. Our net tangible book value attributable to shareholders on October 31, 2024 was $[•] or approximately $[•] per Class A Ordinary Share. Net tangible book value per Class A Ordinary Share as of October 31, 2024 represents the amount of total assets less intangible assets and total liabilities, divided by the number of Class A Ordinary Shares outstanding. After giving effect to the sale of [•] Class A Ordinary Shares in this offering at the assumed initial public offering price of $[•] per Class A Ordinary Share and after deducting the underwriting discounts and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value on October 31, 2024 would have been $[•], or $[•] per Class A Ordinary Share. This represents an immediate increase in pro forma as adjusted net tangible book value of $[•] per Class A Ordinary Share to existing investors and immediate dilution of $[•] per Class A Ordinary Share to new investors. The following table illustrates this dilution to new investors purchasing Class A Ordinary Shares in this offering: The following table sets forth the estimated net tangible book value per ordinary share after the offering and the dilution to persons purchasing Class A Ordinary Shares based on the foregoing firm commitment offering assumptions.

| Assumed offering price per Class A Ordinary Share                                                                                                                     
 Net tangible