Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 909

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 2
Chunk 909
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 on which the Company consummates an initial Business Combination.
In the event that the Company does not consummate an initial Business Combination, the note will be repaid only from amounts remaining
outside of the Company’s Trust Account, if any. At the Sponsor’s discretion, the principal balance of the note may be converted
at any time prior to the consummation of the Business Combination as of December 31, 2024 and 2023, the outstanding balance of this note
was $0.

On November 13,
2023, Bellevue Capital Management LLC (“BCM”) loaned to the Company $180,000 and in exchange therefor the Company issued
to BCM an unsecured promissory note in the principal amount of $180,000. The proceeds of this loan were used to fund the payment to extend
the date by which the Company must consummate an initial Business Combination to February 14, 2024. The note is non-interest bearing
and is payable in full on the earlier of (i) December 31, 2024 or (ii) the date on which the Company consummates an initial
Business Combination. In the event that the Company does not consummate the Business Combination, this note will be repaid only from amounts
remaining outside of the Company’s Trust Account, if any. As of December 31, 2024 and 2023, the outstanding balance of this note
was $0.

On February 9, 2024,
the Company issued an unsecured promissory note in the principal amount of $75,000 

to Jun Chul Whang, a member of the Company’s
Board, and on September 20, 2024 amended the terms of the agreement (the note, as amended, the “JCW Promissory Note”). The
JCW Promissory Note is not interest bearing and is payable in full on the earlier of (i) March 31, 2025 or (ii) the date on which the
Company consummates an initial business combination (the “JCW Maturity Date”). In the event that the Company does not consummate
a business combination on or prior to the time provided in the Company’s Charter (as subject to extension), Mr. Whang agrees to
forgive the principal balance of the JCW Promissory Note, except to the extent of any funds remaining outside of the Company’s trust
account, if any. The following shall constitute