Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 7

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 7
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 between BLAC and Toonon. Such rights and preferences include, among others, that (1) dividends will accrue at a rate of 5% per annum of the Series A Original Issue Price (except as otherwise provided for in the Certificate of Designations) to be payable only when, as, and if declared by the BLAC Board or as otherwise specifically provided in the Certificate of Designations; (2) the Series A Preferred Stock is convertible, at the option of the holder thereof, into shares of BLAC Common Stock in an amount equal to the quotient of (i) the Series A Original Issue Price plus all unpaid accruing dividends as of the date of the conversion and (ii) the then applicable conversion price (as adjusted, the “Conversion Price”). The initial Conversion Price is $9.00 resulting in each share of Series A Preferred Stock being convertible into 10shares of BLAC common stock. The proceeds of the PIPE Investment will be used by BLAC for working capital and general corporate purposes following the closing of the Business Combination. The Subscription Agreement contains customary representations and warranties of BLAC and Toonon, and customary conditions to closing, including (i) the consummation of the Business Combination and (ii) certification by an officer of BLAC that the Certificate of Designations has been filed with the Secretary of State of the State of Delaware and is in full force and effect. Additionally, pursuant to the Subscription Agreement, BLAC and Toonon will enter into a registration rights agreement prior to closing of the PIPE Investment, pursuant to which, among other things, BLAC will be obligated to (i) file a registration statement to register the common stock issuable upon conversion of the PIPE Shares as soon as practicable following the receipt of written demand from Toonon, and (ii) use its commercially reasonable efforts to effect such registration, subject to certain exceptions. The PIPE Shares to be sold in connection with the PIPE Investment will be exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. The PIPE Investment, if completed, will dilute the ownership of existing BLAC stockholders, and may depress the value of shares of New OSR Holdings common stock. It is not currently anticipated that Sponsor or any BLAC or OSR Holdings affiliates will participate in the PIPE Investment. BLAC has been informed by Toonon that the PIPE Investment will not close by the closing of the Business Combination. While BLAC believes that the PIPE Investment will close by the end of February