Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 273

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 273
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 things, changes to the capital markets environment and the positions of certain OSR Holdings’ shareholders. The LOI proposed a valuation of OSR Holdings in the range of $200,000,000 to $240,000,000 in accordance with the indicative valuation range based on the latest fair market value calculations obtained in connection with the share exchange transactions conducted with Vaximm, RMC and Darnatein that the BLAC Board, BLAC M&A Committee, and BLAC management agreed were well founded. The BLAC M&A Committee and the BLAC Board independently reviewed, and agreed with, the contents of the fair market value analysis, a summary of which is in the section entitled “The Business Combination — The BLAC M&A Committee’s Reasons for the Approval of the Business Combination — Fair Market Value.” July 12, 2023 K&L Gates, counsel to BLAC, circulated an initial draft of the Business Combination Agreement, and BLAC and OSR Holdings began negotiating the terms of such agreement. The material terms of the first draft of the Business Combination Agreement deviated from the LOI in the following ways, but otherwise substantively aligned with the LOI: •The transaction no longer contemplated an earnout (with no corresponding increase to the closing consideration). •There transaction no longer contemplated certain OSR Holdings’ shareholders being subject to a 180 -daylock -up, but instead, certain OSR Holdings’ shareholders would sign a Non -ParticipatingStockholder Joinder which postpones the share exchange transaction with respect to those shareholders until January1, 2026 (or upon a change of control of the Combined Company) for those shareholders. The Business Combination Agreement was negotiated and modified from time to time between July 12, 2023, and November 16, 2023. For a description of the modified terms based on negotiations, and the relevant positions of the parties, please see below under “— November 16, 2023. ”

162 October 28, 2023 The BLAC M&A Committee entered into an engagement letter with a qualified financial advisory firm for delivery of a fairness opinion to the BLAC M&A Committee in connection with BLAC’s proposed business combination with OSR Holdings. The fairness opinion provider is a Switzerland -basedvaluation firm that focuses on valuing early -stagelife sciences companies. The provider was selected by the BLAC M&A Committee to provide the fairness opinion because, at the that time, the majority of surviving company’s operations and business (including