Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 225

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 225
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inders that contain put and call rights whereby the Non -ParticipatingCompany Stockholder shall have the right to cause BLAC to purchase and BLAC shall have the right to cause the Non -ParticipatingCompany Stockholder to sell to BLAC or its designee all of the shares of OSR Holdings Common Stock owned and held of record by such Non -ParticipatingCompany Stockholder in exchange for the number of shares of BLAC Common Stock set forth in each applicable Non -ParticipatingShareholder Joinder. These rights become exercisable on or after the earlier of (i) January 1, 2026, or (ii) the date that the Non -ParticipatingCompany Stockholder is notified by BLAC of a transaction that will result in a change in control (as defined in the Non -ParticipatingStockholder Joinder) of BLAC (the “Trigger Date”). The Put Right and Call Right terminate and expire 120 days after the Trigger Date. The exchange ratio is fixed under the put/call rights at the same exchange ratio set forth in the Business Combination Agreement, and there is no option for cash settlement. There is no specified maximum redemptions threshold stipulated under the Business Combination Agreement. Given that BLAC’s Public Stockholders may elect to redeem their public shares for cash even if they approve the Business Combination, this unaudited pro forma condensed combined information assumes that they redeem all of the shares subject to redemption in the preparation of the unaudited pro forma condensed combined financial statements under the Maximum Redemptions scenario. Three scenarios are considered in the unaudited pro forma condensed combined financial information presentation herein: •Assuming No Redemptions — This scenario assumes that none of the BLAC’s Public Stockholders will elect to redeem their Common Stock for a pro rata portion of cash in the Trust Account, which becomes available for the Business Combination. 121

•Assuming 50% Redemptions — This scenario assumes that BLAC’s Public Stockholders will redeem 82,376shares of BLAC Common Stock upon consummation of the Business Combination at a redemption price of approximately $11.15 per share. •Assuming Maximum Redemptions — This scenario assumes that BLAC’s Public Stockholders will redeem 164,752shares of BLAC Common Stock upon consummation of the Business Combination at a redemption price of approximately $11.15 per share. The following table illustrates varying ownership levels in BLAC Common Stock immediately following the consummation of the