Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 91

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 91
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 Meeting are in the best interest of BLAC and its stockholders and unanimously recommends that its stockholders vote “FOR” the Business Combination Proposal, “FOR” the Charter Proposal, “FOR” the Advisory Governance Proposals, “FOR” the Incentive Plan Proposal, “FOR” the Director Election Proposal, “FOR” the Nasdaq Proposal and “FOR” the Adjournment Proposal, in each case, if presented at such special meeting. The existence of financial and personal interests of one or more of BLAC’s directors may result in a conflict of interest on the part of such director(s) between what he or they may believe is in the best interests of BLAC and its stockholders and what he or they may believe is best for himself or themselves in determining to recommend that stockholders vote for the proposals. In addition, BLAC’s officers have interests in the Business Combination that may conflict with your interests as a stockholder. See the section entitled “ The Business Combination — Interests of BLAC’s Directors and Executive Officers in the Business Combination” for a further discussion of these considerations. Expected Accounting Treatment The Business Combination will be accounted for as a reverse recapitalization in accordance with U.S. GAAP and the Accounting Standard Codification (“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 40 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, Bellevue Capital Management LLC (“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 BLAC and a director and former