Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 266

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 266
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 OSR Holdings conditional upon OSR Holdings’ agreement to do so as well. May 2, 2023 By email dated May 2, 2023, BLAC’s legal counsel at K&L Gates sent Mr. Hwang a draft Non -BindingLetter of Intent (“LOI”) outlining basic terms for a potential transaction between BLAC and OSR Holdings. The same day, Mr. Hwang informed OSR Holdings executives Sung Hoon Chung, Sung Jae Yu and Soo Eun Nam that he was in receipt of the draft LOI, and asked for a meeting to discuss general parameters of the LOI. Mr. Hwang also told OSR Holdings executives that the draft LOI would be prepared using the indicative valuation range for OSR Holdings’ equity value based on the latest fair market value as reflected in the share exchange transactions conducted with Vaximm, RMC and Darnatein. OSR Holdings executives acknowledged and agreed to the valuation terms proposed by Mr. Hwang. The initial draft LOI distributed on May 2, 2023, contained an outline of standard terms for a potential business combination, but did not contain any terms that had been negotiated by BLAC and OSR Holdings and was distributed as a basis for OSR Holdings and BLAC to begin negotiating specific terms. The outline contained a number of placeholder terms, conditions and provisions that BLAC and OSR Holdings would need to negotiate and provide input on, including, but not limited to: •Valuation of OSR Holdings, which, as discussed above and elsewhere in this proxy statement/prospectus, was initially proposed based on historical fair market value reports; •Transaction structure; •Lock -upterms; •PIPE financing; •Minimum cash condition; •Registration rights; •Equity compensation plan; 155 •Post -closingboard governance; and •Covenants, closing conditions, and representations and warranties. Subsequent drafts of the LOI, and, ultimately, the Business Combination Agreement, were negotiated based on the outlined terms in the May 2, 2023 LOI, but ultimately the Business Combination Agreement varied in several ways from the first draft LOI. The parties’ decisions to deviate from the LOI were the result of arms -lengthnegotiations between the parties that were informed by, among other things, changes to the capital markets environment. For a detailed description of the terms included in the final draft of the LOI, please see below under “— July 11, 2023