Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 496

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 496
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2024, (ii) at such time BLAC raises additional working capital funds, or (iii) the date on which BLAC consummates an initial business combination. In the event that BLAC does not consummate an initial business combination on or prior to the time provided in the Current Charter, as amended, Mr. Whang agrees to forgive the principal balance of the JCW Promissory Note, except to the extent of any funds remaining outside of the Trust Account, if any. As a result of raising additional working capital funds through the Duksung Promissory Note, BLAC repaid the JCW Promissory Note in full on October 28, 2024. On October 16, 2024, BLAC issued the Duksung Promissory Note in the principal amount of $800,000. The Duksung Promissory Note contains customary representations, warranties and covenants of BLAC and Duksung and 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. 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 BLAC 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 shall constitute satisfaction in full of the obligations of BLAC under the Duksung Promissory Note. In the event a Qualified PIPE Financing does not occur on or before March 31, 2025, BLAC 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. On October 25, 2024, OSR Holdings issued a promissory note to BLAC in the aggregate principal amount of $300,000 (the “OSR Holdings