Company: OWLS
Filing Date: 2025-09-03
Form Type: F-1
Source: 0001193125-25-195057
Chunk: 112

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-03
Form: F-1
Chunk 112
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 be required to delist.

In addition, because of our novel listing process, individual investors, retail or otherwise, may have greater influence in setting the
opening public price and subsequent public prices of our Class A Common Shares on Nasdaq and may participate more in our initial trading than is typical for an underwritten initial public offering. These factors could result in a public price of our
Class A Common Shares that is higher than other investors (such as institutional investors) are willing to pay, which could cause volatility in the trading price of our Class A Common Shares and an unsustainable trading price if the price of
our Class A Common Shares significantly rises upon listing and institutional investors believe our Class A Common Shares is worth less than retail investors, in which case the price of our Class A Common Shares may decline over time. Further, if the
public price of our Class A Common Shares is above the level that investors determine is reasonable for our Class A Common Shares, some investors may attempt to short our Class A Common Shares after trading begins, which would create additional
downward pressure on the public price of our Class A Common Shares. To the extent that there is a lack of consumer awareness among retail investors, such a lack of consumer awareness could reduce the value of our Class A Common Shares and cause
volatility in the trading price of our Class A Common Shares.

Investors in our Class A Common Shares may be unable to bring claims under Sections 11 and 12(a)(2) of the Securities Act due to tracing requirements, which may limit the remedies available to investors in a direct listing.

In June 2023, the U.S. Supreme Court held in Slack Technologies, LLC v. Piranithat shareholders asserting Section 11 claims must plead
and prove that their shares are traceable to an allegedly defective registration statement. This decision confirms that tracing requirements apply in the context of direct listings, making it harder for investors in these offerings to bring
Securities Act claims. While the Supreme Court did not rule on the scope of Section 12(a)(2) liability, courts may impose similar traceability requirements; in February 2025, the U.S Court of Appeals for the Ninth Circuit, on remand of the Slackcase, held that the same traceability requirements apply to Section 12(a)(2) liability.

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Because direct listings typically involve a greater proportion of unregistered to registered
shares in the public pool of listed shares, any tracing requirement is more pronounced in a typical direct listing as compared to a traditional firm commitment