Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 277

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 277
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AC and its stockholders. The BLAC M&A Committee noted that the terms of the Business Combination Agreement are the result of extensive negotiations between BLAC’s management team, with input from BLAC’s legal and tax advisors, and OSR Holdings, with input from OSR Holdings’ legal, financial and tax advisors. After due and careful consideration, the BLAC M&A Committee determined that the Business Combination Agreement and related documents and transactions are advisable and fair to and in the best interests of BLAC and its stockholders. Following the meeting of the BLAC M&A Committee, the full BLAC Board met, with all members participating except In Chul Chung. The BLAC Board determined that the Business Combination Agreement and other transaction contemplated thereby are advisable and fair to and in the best interests of BLAC and its stockholders and it authorized and approved the Business Combination Agreement and the transactions contemplated thereby. November 16, 2023 BLAC and OSR Holdings executed the Business Combination Agreement. In addition to other updates made to the Business Combination Agreement, the material terms of the executed version of the Business Combination Agreement deviated from the July 12, 2023 initial draft of the Business Combination Agreement in the following ways: •The Business Combination Agreement no longer contemplated a reverse merger involving a merger subsidiary, which BLAC and OSR Holdings mutually agreed was in the best interest of all parties and their respective shareholders, as applicable, as the merger sub structure would require extraneous expense and Korean regulatory approvals and processes that provided no material incremental benefit to any party; •BLAC would no longer provide OSR Holdings with cash consideration at closing, which BLAC believed was in the best interest of its shareholders, as New OSR Holdings would need as much cash at closing as possible to operate the business post -closing; •OSR Holdings’ stockholders were made party to the Business Combination Agreement; and •A closing condition requiring a minimum number of Participating Stockholders was added to the Business Combination Agreement, which was negotiated by BLAC as a protection to ensure it would not be forced to close the Business Combination in the event that it was not able to obtain a certain amount of ownership of OSR Holdings at closing. The foregoing updates necessitated other changes to the Business Combination Agreement with respect to the representations and warranties, and closing conditions, among other things, all of which were negotiated at arms -lengthbetween BLAC, OSR Holdings, and their respective counsel. Because OSR Holdings, the BLAC M&A Committee, and the BLAC Board