Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 898

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 898
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 The Fairness Opinion does not provide any view or opinion as to the price or range of prices at which the BLAC shares may trade or otherwise be transferable at any time before or after consummation of the Transaction. The Fairness Opinion is limited to our field of expertise and does not purport to be all-inclusive or to contain all of the information the public stockholders of BLAC may desire. No opinion is expressed for matters that require legal, accounting, tax, scientific, intellectual property or specialized expertise, investigation, or knowledge beyond that customarily employed by firms engaged in the business of rendering valuation opinions. The Fairness Opinion does not address the underlying business decision to proceed with the Transaction, or the merits of the Business Combination as compared to any alternative business strategies and does not constitute a recommendation to any stakeholders as individuals or as a class. The Fairness Opinion is based on and subject to the scope and assumptions set forth herein and relies on information about OSR which contains forward looking statements, assumptions and estimates with respect to the projected future business conduct and performance of OSR’s subsidiaries and assets which translates into valuation ranges that are not necessarily indicative of actual values or predictive of future results or values. Actual results will vary from the projections and such variations may be material. No representations are made as to the accuracy of such statements, estimates or projections. There is no guarantee that any of these estimates will be achieved. This Fairness Opinion is furnished for the use of the M&A Committee (in its capacity as such) in connection with the Transaction. It is not to be used, circulated, quoted, reprinted, or otherwise referred to (either in its entirety or through excerpts or summaries) for any other purposes, without prior written consent of Choloc. In connection with this Fairness Opinion, we have made such reviews, analyses and inquiries as we have deemed necessary and appropriate under the circumstances. Among other things, we have: •Reviewed the final prospectus of BLAC dated February 9, 2023 (the “ Prospectus”) as filed with the U.S. Securities and Exchange Commission on February 13, 2024 (File No. 333-264597); •reviewed the Korean affiliate of a global accounting firm (“AF”) projected revenue and expenses model (rNPV analysis) for Vaximm; •reviewed AF’s projected revenue and expenses model (rNPV analysis) for Darnatein; •reviewed Ghilin Accounting Corp.’s DCF analysis and valuation model for