Company: OWLS
Filing Date: 2025-02-07
Form Type: DRS/A
Source: 0000950123-25-001222
Chunk: 57

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-02-07
Form: DRS/A
Chunk 57
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 not grow as we expect, our business, operating results and financial condition could be adversely affected. Our business operations, including our payment products and services offering the option to transfer funds via stablecoins and our wallet products for holding and transfer of digital assets, heavily rely on the underlying digital assets, including stablecoins, and their underlying blockchain networks. Digital assets built on blockchain technology were only introduced in 2008, and stablecoins in 2014, and both remain in the early stages of development. Different digital assets are designed for disparate purposes. The continued growth and development of these digital assets, their underlying networks, and other cryptographic and algorithmic protocols governing the creation, transfer and usage of digital assets represent a new and evolving model which is subject to numerous factors that are difficult to evaluate, including:

| • |     | Any stablecoin project, like USDC, relies on third parties, such as Circle, the issuer of USDC, to maintain the                                                                                                                                          
 underlying blockchain infrastructure, financial institutions and counterparties, to hold funds, cash equivalents and other assets to back the stablecoins that are issued, outstanding and freely circulating. These parties have their own policies and 
 may change their view and acceptance of any stablecoin at any time. This may result in delays and other barriers to our operations involving that depend on stablecoin. Additionally, the fiat-reserves backing stablecoins held at or through financial 
 institutions or intermediaries may be subject to the risk of loss, theft, insolvency, and governmental and regulatory freezes and seizures.                                                                                                              |

| • |     | The markets for digital assets, including stablecoins, have varying degrees of liquidity. There is no assurance                                                                                              
 that there will continue to be an active market for one to transfer any digital assets, including stablecoins, which would be a critical pre-condition to certain of our products and services including the 
 payment services via stablecoins and wallet services for digital assets.                                                                                                                                     |

| • |     | Many blockchains where digital assets, including stablecoins, are built, such as USDC in Ethereum, Polygan,                                                                                                                                              
 Solana and Stellar, have limited operating histories, have not been validated in production, and are still in the process of developing and making significant decisions that will affect the underlying blockchain, any of which could adversely affect 
 the digital assets, including stablecoins, whose protocols are built on top of such blockchains.                                                                                                                                                         |

| • |     | The successful launch and adoption of central bank digital assets, including those already underway, could