Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 106

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 106
---
 Additionally, Choloc, in rendering its fairness opinion, relied upon the valuation of one third party performed in January 2023 that had not been updated and did not independently determine or evaluate the material findings of the underlying valuations for Vaximm and Darnatein prepared by another third party when considering that third party’s financial models in its fairness analysis. If OSR Holdings were to raise capital through an underwritten public offering, the underwriters would be subject to liability under Section 11 of the Securities Act for material misstatements and omissions in the initial public offering registration statement. In general, an underwriter is able to avoid liability under Section 11 if it can prove that, it “had, after reasonable investigation, reasonable ground to believe and did believe, at the time the registration statement became effective, that the statements therein were true and that there was no omission to state 53 a material fact required to be stated therein or necessary to make the statements therein not misleading.” As no such review will be conducted by an independent third -partyunderwriter in connection with the Business Combination, BLAC Stockholders must rely on the information in this proxy statement/prospectus and will not have the benefit of an independent review and investigation of the type normally performed by an independent underwriter in a public securities offering. In addition, the amount of due diligence conducted by BLAC and its advisors in connection with the Business Combination may not be as high as would have been undertaken by an underwriter in connection with an initial public offering of OSR Holdings. Accordingly, it is possible that defects in OSR Holdings’ business or problems with OSR Holdings’ management that would have been discovered if OSR Holdings conducted an underwritten public offering will not be discovered in connection with the Business Combination, which could adversely affect the market price of New OSR Holdings Common Stock. Additionally, the BLAC M&A Committee’s review of Avance’s 2020 valuation report on Vaximm and Ghilin Accounting Corp.’s discounted cash flow analysis and valuation model for RMC dated January 2023 did not take into account any changes to that report, discounted cash flow analysis and valuation model since they were completed. The fairness opinion rendered by Choloc relies upon Ghilin’s valuation of RMC from January 2023 and does not include any updates to the valuation of RMC since January 2023. Moreover, Choloc did not independently determine or evaluate the material findings of the underlying valuations for Vaximm and Darnatein