Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 249

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 249
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 of Investor A in September 2022 in New York City, during which time they discussed Company B’s technology and capital raising efforts. Company B produces affordable and portable home testing kits that produce rapid and accurate results, with applications to hematology, pathology, oncology and possibly other areas. Mr. Whang told Investor A about BLAC’s upcoming IPO, but did not discuss the possibility of Company B being a potential target for a business combination at this time. Subsequently, after BLAC’s IPO on February 14, 2023 and beginning on March 9, 2023, Mr. Whang, via text messages, emails and phone calls, discussed with Investor A the possibility of a business combination between BLAC and Company B, and Investor A expressed an interest in exploring this possibility. Investor A was generally aware of the SPAC market, including the volatility in the SPAC market over the previous two years. 148 Mr. Whang shared Company B’s non -confidentialdeck by email dated March 10, 2023 with members of BLAC (Mr. Hwang) and OSR Holdings (Sung Hoon Chung, Yeiseok Kim and Sung Jae Yu) for a preliminary review of Company B’s science and technology and the company’s current and projected financial status. As discussed above, in evaluating potential target companies together, BLAC management and the BLAC Board worked closely with individuals at OSR Holdings who have experience in the biotechnology and biopharmaceutical industries to assist with performing scientific due diligence on potential target companies, including evaluating their asset pipelines, drug candidates, products, and the biopharmaceutical and biotechnology expertise of the target companies’ management and team members, as applicable. By telephone communications in late March, Mr. Whang told Investor A that one strategy under consideration by BLAC was to pursue an affiliated transaction, executing a business combination with OSR Holdings. Given Company B’s current estimated self -valuationof the company (approximately $35 -40m), Mr. Whang told Investor A that even if BLAC were to execute a direct business combination with Company B, BLAC would seek to execute a business combination with other companies. In connection with this strategy, Mr. Whang asked whether Company B would consider the possibility of being acquired by OSR Holdings, in addition to the possibility of a direct business combination with BLAC. Over the following weeks, Messrs. Whang and Hwang and OSR Holdings were in communication with Investor A, and his colleague and