Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 320

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 320
---
 considered a “foreign person” under rules promulgated by CFIUS, and the Business Combination may fall within the scope of a “covered transaction” subject to CFIUS review. See “ Risk Factors — Risks Related to the Business Combination and Business Combination Agreement— We may not be able to complete an initial business combination with a U.S. target company since such initial business combination may be subject to U.S. foreign investment regulations and review by a U.S. government entity such as CFIUS, and ultimately prohibited.” Litigation Relating to the Business Combination There have been no proceedings brought against BLAC in relation to the Business Combination or the Business Combination Agreement. Listing of the Combined Company securities Approval of the listing on Nasdaq of the Combined Company securities to be issued in the Business Combination, subject to official notice of issuance, is a condition to each party’s obligation to complete the Business Combination. Accounting Treatment The Business Combination will be accounted for as a reverse recapitalization in accordance with U.S. GAAP and ASC which is the current single source of U.S. GAAP. Under this method of accounting, BLAC will be treated as the “acquired” company and OSR Holdings will be considered the accounting acquirer for accounting purposes as set forth by the guidance in ASC 805 -10. This conclusion is supported by the voting interest model referenced in ASC 805 -10-55-12as 82.3% (no redemption), 82.7% (50% redemption) and 83.1% (maximum redemption) of the voting interest scenarios in New OSR Holdings which will be held by the historical shareholder group of OSR Holdings. Further, BCM and its affiliates are the largest single owner of shares of OSR Holdings and will also be the largest single owner of shares in the Combined Company in each of the no redemption, 50% redemption, and maximum redemption scenarios. The stockholders of OSR Holdings will have sufficient voting power to elect or remove a majority of the board of directors of the Combined Company. The compositions of the governing body and senior management team of the combined entity present a less defined indicator as Kuk Hyoun Hwang is an officer and director of both OSR Holdings and BLAC. No other officers of BLAC will be officers of the Combined Company. The composition of New OSR Holdings is being negotiated by Kuk Hyoun Hwang who represents both BLAC and OSR Holdings so that it is difficult to conclude that one party controls the appointment of the directors