Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 498

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 498
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 in connection with the Business Combination, BLAC’s Sponsor, officers and directors or their affiliates may, but are not obligated to, loan BLAC funds. Such loaned amounts will be repaid if BLAC completes its initial business combination. In the event 315 that BLAC’s initial business combination does not close, BLAC may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from our Trust Account would be used for such repayment. Up to $1,000,000 of such loans may be convertible into units, at a price of $10.00 per unit at the option of the lender, upon consummation of our initial business combination. The units would be identical to the Private Placement Units. The terms of such loans by BLAC’s Sponsor, officers and directors or their affiliates, if any, have not been determined and no written agreements exist with respect to such loans. BLAC does not expect to seek loans from parties other than its Sponsor, officers and directors or their affiliates as BLAC does not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our Trust Account. Loans made by Chardan, the representative of the underwriters in connection with BLAC’s IPO, or any of its related persons, if any, will not be convertible into any of our securities and Chardan and its related persons will have no recourse with respect to their ability to convert their loans into any of our securities. Based on the foregoing and the limited amount of working capital that BLAC received into the operating account from the private placement, management believes that BLAC will not have sufficient working capital to meet its working capital needs through the earlier of the consummation of an initial business combination or 24 months from the IPO (unless such date is extended in accordance with the Existing Governing Documents). These conditions raise substantial doubt about BLAC’s ability to continue as a going concern. Over this time period, BLAC will be using the remaining funds held outside of the Trust Account for paying existing accounts payable, paying for travel expenditures, and structuring, negotiating and consummating the initial business combination. Further needs for operating capital beyond BLAC’s current operating cash balance may need to be funded through loans from BLAC’s Sponsor. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. If BLAC is unable to complete a business combination by February 14, 2025 (