Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 504

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 504
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 closing of BLAC’s IPO. At the closing of BLAC’s IPO, the promissory notes were deemed to be repaid and settled in connection with the private placement. Related Party Loans In order to finance transaction costs in connection with an initial business combination, the Sponsor or an affiliate of the Sponsor, or certain of BLAC’s officers and directors have made and may, but are not obligated to, make Working Capital Loans. If BLAC completes an initial business combination, BLAC would repay the Working 318 Capital Loans out of the Trust Account released to BLAC. In the event that an initial business combination does not close, BLAC may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of an initial business combination, without interest, or, at the lender’s discretion, up to $1,000,000 of such Working Capital Loans may be convertible into Units at a price of $10.00 per Unit. The Units would be identical to the Private Placement Units. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. Loans made by Chardan or any of its related persons, if any, will not be convertible into any of BLAC’s securities, and Chardan and its related persons will have no recourse with respect to their ability to convert their loans into any of BLAC’s securities. As of the date of the proxy statement/prospectus, no Working Capital Loans were outstanding. On June 23, 2023, BLAC issued an unsecured promissory note (the “ June 2023 Note”) in the principal amount of $200,000 to the Sponsor to fund working capital requirements. The June 2023 Note is not interest bearing and is payable in full on the earlier of: (i) December 31, 2024 or (ii) the date on which BLAC consummates an initial business combination (the “June 2023 Note Maturity Date”). In the event that BLAC does not consummate an initial business combination, the June 2023 Note will be repaid only from amounts remaining outside of BLAC’s Trust Account, if any. The following shall constitute an event of default: (i) a failure to pay the principal within five business days of the