Company: OTSA
Filing Date: 2025-07-16
Form Type: F-1/A
Source: 0001213900-25-064434
Chunk: 105

Company: OTSAW Ltd
Filing Date: 2025-07-16
Form: F-1/A
Chunk 105
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 $21,714,858. Pro forma as adjusted total capitalization would be $20,788,239. (4)Excludes $2,822,649 loans and borrowings that will be repaid with the IPO proceeds.

57

DILUTION If you invest in our Class A Ordinary Shares, your interest will be diluted to the extent of the difference between the initial public offering price per Class A Ordinary Shares and the pro forma as adjusted net tangible book value per Class A Ordinary Share after the offering. Dilution results from the fact that the per ordinary share offering price is substantially in excess of the book value per Class A Ordinary Share attributable to the existing shareholders for our presently outstanding Class A Ordinary Shares. Our net tangible book value (deficit) attributable to shareholders on October31, 2024 was $(12,390,867) or approximately $(0.28) per Class A Ordinary Share. Net tangible book value per Class A Ordinary Share as of October31, 2024 represents the amount of total assets less intangible assets and total liabilities, divided by the number of Class A Ordinary Shares outstanding. Our pro forma net tangible book value (deficit) attributable to shareholders on October31, 2024 would have been $(11,310,867) or approximately $(0.25) per Class A Ordinary Share. Without taking into account any other changes in pro forma net tangible book value (deficit) after October31, 2024, other than to give effect to 2.2 -for-1share consolidation, after giving effect to the sale of 4,444,445 Class A Ordinary Shares in this offering (assuming no over -allotmentoption is exercised) at the assumed initial public offering price of $5.0 per Class A Ordinary Share and after deducting the underwriting discounts and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value on October31, 2024 would have been $7,337,323, or $0.15 per Class A Ordinary Share. This represents an immediate increase in pro forma as adjusted net tangible book value of $0.40 per Class A Ordinary Share to existing investors and immediate dilution of $4.85 per Class A Ordinary Share to new investors. The following table illustrates this dilution to new investors purchasing Class A Ordinary Shares in this offering: The following table sets forth the estimated net tangible book value per ordinary share after the offering and the dilution to persons purchasing Class A Ordinary Shares based on the foregoing firm