Company: OWLS
Filing Date: 2025-08-01
Form Type: DRS/A
Source: 0000950123-25-006894
Chunk: 25

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-08-01
Form: DRS/A
Chunk 25
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     |      |   (750 | ) |
| Net cash flows from financing activities                    |     |                    |  7,516 |   |     |      |  9,261 |   |
| Effect of exchange rate changes on cash and restricted cash |     |                    |    (31 | ) |     |      |  1,284 |   |
| Net increase in cash and restricted cash                    |     |                    |  5,416 |   |     |      |    725 |   |
| Cash and restricted cash at beginning of year               |     |                    |  2,581 |   |     |      |  7,997 |   |
| Cash and restricted cash at end of year                     |     |                    |  7,997 |   |     |      |  8,722 |   |

20

RISK FACTORS

An investment in our Class A Common Shares involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes, before deciding to invest in our Class A Common Shares. Additional risks not known to us or that we currently deem immaterial may also impair our business operations. Our business, financial condition or results of operations could be materially and adversely affected by any of these risks. The trading price and value of our Class A Common Shares could decline due to any of these risks, and you may lose all or part of your investment.

Risks Related to Our Business and Industry and Our Operations

Our growth may not be sustainable and depends on our ability to retain existing customers and users, attract new customers and users and increase processed volumes and revenue from both new and existing customers and users.

While we have recorded growth in the past five
years, there is no assurance that our rate of growth would necessarily continue, or that we would continue to grow at all. Additionally, our rate of revenue and gross profit growth may vary among our business segments. For example, we are currently
focused on developing and expanding our Payment segment, particularly in stablecoin-related services, through a suite of platform solutions—such as OwlPay Paymentfor stablecoin acceptance and USDC payouts, and OwlPay Wallet Profor enterprise digital asset management—and infrastructure solution, OwlPay Harbor, which offers APIs for stablecoin payment gateway integration, on/off-ramp services, cross