Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 614

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 1B
Chunk 614
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ated Business Combination Agreement dated May 23, 2024, as amended on December 20, 2024 (the “Business Combination Agreement”).
The Business Combination Agreement was entered into among the Company, OSR, and certain OSR stockholders that executed joinder agreements
thereto. At Closing, the Company issued 16,282,047 shares of Company common stock to participating OSR stockholders in exchange for 67%
of the outstanding shares of OSR’s Series A common stock. OSR stockholders holding an additional 22% of OSR common stock remain
as minority shareholders subject to contractual put and call rights exercisable beginning January 1, 2026, or upon a change in control
of the Company. The remaining 11% of OSR shares are held by stockholders who are not subject to any exchange, put, or call arrangements.
Following the transaction, OSR became a majority-owned subsidiary of the Company. Kuk Hyoun Hwang beneficially owns approximately 67.8%
of the outstanding shares of the Company’s common stock as of the Closing Date.

As of December 31, 2024, the Company had not commenced any operations.
All activity since inception relates to the Company’s formation, the initial public offering (“Initial Public Offering”),
and the search for a target business, which is described below. The Company will not generate any operating revenues until after the completion
of an initial Business Combination, at the earliest. The Company will generate non-operating income in the form of
interest income from the proceeds derived from the Initial Public Offering.

The registration statement
for the Company’s Initial Public Offering (the “Registration Statement”) was declared effective on February 9,
2023. On February 14, 2023, the Company consummated the Initial Public Offering of 6,000,000 units (“Units”
and, with respect to the common stock included in the Units being offered, the “Public Shares”), generating gross proceeds
of $60,000,000, which is described in Note 3.

On February 17,
2023, the underwriters exercised their over-allotment option in full. The closing of the issuance and sale of the additional Units occurred
(the “Over-Allotment Option Units”) on February 21, 2023. The total aggregate issuance by the Company of 900,000 Over-Allotment
Option Units at a price of $10.00 per