Company: OSRH
Filing Date: 2025-01-23
Form Type: CORRESP
Source: 0001213900-25-006143
Chunk: 1

Company: OSR Holdings, Inc.
Filing Date: 2025-01-23
Form: CORRESP
Chunk 1
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 of the agreement [with Penumbra] on the overall business          
 and valuation of OSR Holdings in the context of the Business Combination, and determined that any implication that the Penumbra termination 
 may have on the Business Combination would be limited to the degree that it does not affect the BLAC M&A Committee’s existing               
 opinion and conclusion regarding the Business Combination, including the value of OSR Holdings.” Please revise to explain how the           
 BLAC M&A Committee reached this conclusion, particularly in light of the disclosures elsewhere in the registration statement that           
 OSR expects its revenue to decrease substantially in 2025.                                                                                  |

Response: In response to the
Staff’s comment, the Company has revised the disclosures on page 189 of the Form S-4 to provide the requested information.

| 2. | Revise to disclose how you derived the historical balances                                                                               
 for OSR Holdings Co., Ltd. included in the pro forma financial information as of and for the nine months ended September 30, 2024. Refer 
 to Article 11-02(c)(3) of Regulation S-X.                                                                                                |

Response: In response to the Staff’s
comment, the Company added additional disclosure under Unaudited Pro Forma Condensed Combined Financial Information Note 1 – Basis
of pro forma presentation on page 131 of the Form S-4 to clarify that the historical balances for OSR Holdings Co., Ltd. included in the pro forma
financial information as of and for the three months ended September 30, 2024 was derived by OSR Holdings’ internal records of its
activities during the nine months ended September 30, 2024 and rolling forward each balance sheet caption from OSR Holdings’ unaudited
interim balance sheet as of June 30, 2024. Based on Section 6220.8.b of the Financial Reporting Manual published by the SEC Division of
Corporate Finance, the age of financial statement rules may require the foreign target company to include in a Form S-4 a period in the
pro forma information that would be more current than its separate historical financial statements.

| 3. | Please reconcile the response to comment 4 that the Company                                                                                     
 amended the Subscription Agreement with Toonon Partners Co., Ltd to remove the redemption features contained in the Certificate of Designations 
 for the Series A Preferred Stock with the disclosure on page F-23 that beginning on the three-year anniversary of the Original Issue            
 Date, any holder of Series A Preferred Stock may demand that the