Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 778

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 1C
Chunk 778
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, 2024, the Company issued an
unsecured promissory note to Duksung Co., LTD. (“Duksung”) in the principal amount of $800,000 (the “Duksung
Promissory Note”). The Duksung Promissory Note bears interest at a simple rate of 5% per annum; provided, however, solely for
purposes of prepayment pursuant to a redemption of the Duksung Promissory Note, interest shall be deemed to have accrued at a simple
rate of 7% per annum, and, unless earlier converted or redeemed, is payable in full on October 15, 2025 (the “Duksung
Promissory Note Maturity Date”). In the event of, and simultaneously with the closing of a Qualified PIPE Financing (as
defined in the Duksung Promissory Note), the Duksung Promissory Note automatically converts into Company 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”). The
Conversion shall constitute satisfaction in full of the obligations of the Company under the Duksung Promissory Note. In the event a
Qualified PIPE Financing does not occur on or before March 31, 2025 (the “PIPE Outside Date”), the Company 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. As of December 31, 2024, the outstanding balance was $800,000. As of December 31, 2024 accrued interest of
$11,814 was recorded as accounts payable and accrued expenses. As of March 31, 2025, the Qualified PIPE Financing did not occur.

Working Capital Loans 

In addition to the loans described above, in order
to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the
Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital
Loans”). If the Company completes a Business Combination