Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 459

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 459
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 Promissory Note), which includes the PIPE Investment, the Duksung Promissory Note automatically converts into BLAC common stock in an amount equal to the quotient (rounded to the nearest whole share) obtained by dividing (a) the outstanding principal amount and unpaid accrued interest under the Duksung Promissory Note by (b) eight dollars and ten cents ($8.10). The Conversion shall constitute satisfaction in full of the obligations of BLAC under the Duksung Promissory Note. The Conversion, if completed, will dilute the ownership of existing BLAC stockholders, and may depress the value of shares of New OSR Holdings common stock. In the event a Qualified PIPE Financing does not occur on or before the PIPE Outside Date, BLAC may prepay the Duksung Promissory Note, in whole or in part, at any time after the PIPE Outside Date. The amount to be paid pursuant to any such prepayment shall include the outstanding principal amount plus accrued and unpaid interest calculated at a simple rate of 7% from the issuance date. Pursuant to the Duksung Promissory Note, BCME, an affiliate of Sponsor and shareholder of OSR Holdings, agreed to deposit 400,000shares of BLAC Common Stock into an escrow account, to be governed by a separate escrow agreement to be entered into between Duksung and BCME. BCME and Duksung intend to enter into the escrow agreement following closing of the Business Combination. BCME did not receive separate consideration for its covenant to enter into the escrow arrangement other than the indirect benefit it receives as being an affiliate of the Sponsor and shareholder of OSR Holdings. On October 25, 2024, BLAC loaned to OSR Holdings $300,000 (using proceeds from the Duksung loan) pursuant to the terms of a promissory note, which provides for payment on October 25, 2025 plus interest of 3.96%. As of June 30, 2024, OSR Holdings has deferred tax liabilities of approximately $30,292,435, resulting from the differences between book and tax basis for assets acquired or created during previous business combinations as a result of purchase price allocation for accounting purposes, which will be due if and only when certain taxable events occur in the future which will reverse or eliminate such basis difference (i.e., sales of subsidiaries). On November 20, 2024, RMC and Penumbra Inc. terminated negotiations for a new