Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 313

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 313
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&A Committee’s consent, Choloc did not opine on what the value of the shares of BLAC would be following consummation of the transactions contemplated by the Business Combination Agreement. Choloc did not express any opinion as to fair value or the solvency of OSR Holdings or BLAC following the closing of the transactions contemplated by the Business Combination Agreement. In rendering its opinion, Choloc assumed, with the BLAC M&A Committee’s consent, and without any independent verification that: •the representations and warranties of all parties to the Business Combination Agreement and all related documents and instruments are true and correct; •each party to the Business Combination Agreement will fully and timely perform all of the covenants and agreements required to be performed by such party; •all conditions to the consummation of the Transaction will be satisfied without waiver thereof; •the Transaction will be consummated in a timely manner in accordance with the Business Combination Agreement; •the Transaction will be consummated in a manner that complies in all respects with all applicable federal and state statutes, rules, and regulations; and •all governmental, regulatory, and other consents and approvals necessary for the consummation of the Transaction will be obtained and that no delay, limitations, restrictions, or conditions will be imposed, or amendments, modifications or waivers made that would have an effect on the Transaction or on OSR Holdings that would be material to Choloc’s analyses or the Fairness Opinion. Summary of the Financial Analyses of Choloc In preparing to render its opinion to the BLAC M&A Committee, Choloc performed a variety of financial and comparative analyses, and, for purposes of its opinion, used only those financial models that Choloc prepared, with the exception of the financial projection models prepared by AF and Ghilin. This summary does not purport to be a complete description of the financial analyses performed or factors considered by, and underlying Choloc’s opinion, nor does the order of the financial analyses described represent the relative importance or weight given to those financial analyses. The preparation of a financial opinion or analysis is a complex process involving various determinations as to the most appropriate and relevant methods of financial analysis and the application of those 186

methods to the particular circumstances and, therefore, a financial opinion or analysis is not readily susceptible to summary description. In arriving at its opinion, Choloc considered the results of all of the analyses undertaken by it and assessed as a whole and did not draw, in isolation, conclusions from