Company: OWLS
Filing Date: 2025-08-01
Form Type: DRS/A
Source: 0000950123-25-006894
Chunk: 48

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-08-01
Form: DRS/A
Chunk 48
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 pandemic and efforts to contain it had a severe negative impact on the global hospitality industry and materially adversely impacted the business and financial performance of our
Hospitality segment. Factors that could materially and adversely affect the hospitality industry and in turn our business include adverse macroeconomic conditions; political instability and geopolitical conflicts; major public health issues
including pandemics; hotel supply and occupancy fluctuations; extreme weather or natural disasters; taxes and surcharges imposed; the prevalence of hospitality-related accidents or safety incidents; and alterations to visa, immigration or border
control policies.

As these occurrences are difficult or impossible to forecast, they can instantly and drastically impact the hospitality
industry in an adverse manner, including by causing decreases in demand and negatively affecting people’s travel behavior. Any decline or disruption to the hospitality industry could adversely affect our business,

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working capital and financial performance over the short and long term, both directly through reduced consumer demand for our hospitality offerings through OwlTing Experiences and
OwlJourney, and indirectly through reduced consumer demand for hospitality suppliers using our products such as OwlNest or OwlPay.

Success of our hospitality business depends on our relationships with hospitality suppliers.

Maintaining and expanding relationships with hospitality suppliers is integral to the success of our business. We seek to grow our hospitality
products and services by connecting with more hospitality suppliers, including local hoteliers and tour experience providers. However, there are no guarantees that hospitality suppliers will choose to participate in our platform or use or services,
that our compensation, access to inventory or access to inventory at competitive rates will not be further reduced or eliminated in the future, or that certain hospitality suppliers may fail to provide us with accurate booking information or may
otherwise take actions that would increase our operating expenses. In addition, many hospitality suppliers covered by our Hospitality segment may be smaller in size and less stable and have a higher likelihood to fail, which may result in greater
difficulties and costs for us to continue building and maintaining our network of hospitality suppliers. Any of these circumstances, or other similar circumstances, could reduce our revenue and margins thereby adversely affecting our business and
financial performance.

Our supplier relationships subject us to a number of risks in relation to our e-commercebusiness.

Certain suppliers to our business, in particular to our E-commerce
segment, are important to our sourcing of merchandise that we offer on our platforms, including on the OwlTing Market. While we have mid-to-long-term arrangements
with some of our suppliers, we cannot guarantee the availability of the merchandise, particular payment terms for such merchandise or the