Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 308

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 308
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 financial assumptions, and capital structure; 185 •conducted discussions with the BLAC M&A Committee and members of the management and representatives of OSR Holdings concerning the business, operations, financial condition and prospects of OSR Holdings and its subsidiaries; •reviewed publicly available financial and stock market data of certain other companies in lines of business that Choloc deemed relevant; •reviewed the Business Combination Agreement, dated as of November16, 2023, as amended and restated on May23, 2024; and •conducted such other financial studies and analyses and took into account such other information as Choloc deemed appropriate. Choloc, with the BLAC M&A Committee’s consent, relied upon the information supplied to, discussed with or reviewed by Choloc for purposes of its opinion being complete and accurate in all material respects. Moreover, Choloc did not independently determine or consider the material findings of the underlying valuations for Vaximm and Darnatein prepared by AF when considering AF’s financial models in its fairness analysis. Choloc does not assume any responsibility for independent verification of, and did not independently verify, any of such information. Further, Choloc’s opinion was necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Choloc as of the date of its opinion. Choloc assumed no responsibility for updating its opinion based on developments after the date of its opinion. As stated above, Choloc’s opinion did not address the underlying business decision to effect the transactions contemplated by the Business Combination Agreement or the relative merits of the same as compared to any alternative business strategies or transactions that might be available to BLAC and does not address any legal, regulatory, tax, or accounting matters. With the BLAC M&A Committee’s consent, Choloc did not opine on what the value of the shares of BLAC would be following consummation of the transactions contemplated by the Business Combination Agreement. Choloc did not express any opinion as to fair value or the solvency of OSR Holdings or BLAC following the closing of the transactions contemplated by the Business Combination Agreement. In rendering its opinion, Choloc assumed, with the BLAC M&A Committee’s consent, and without any independent verification that: •the representations and warranties of all parties to the Business Combination Agreement and all related documents and instruments are true and correct; •each party to the Business Combination Agreement will fully and timely perform all of the coven