Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 695

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 1C
Chunk 695
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 restricted
in its use and the implementation of an additional layer of review of payments for operating expenses to ensure that restricted cash
is not used for payment of general operating expenses, and conducting training for management, relevant staff and service providers to
reiterate and reinforce the terms of the Trust Agreement.

Additionally, management intends to remediate the other material weaknesses
through enhanced procedures for the classification, documentation, and review of liabilities, including accounts payable, accrued expenses,
and tax obligations. These efforts will be supported by increased collaboration and communication with both internal personnel and external
advisors involved in financial reporting and transaction review. Additionally, the Company is actively recruiting additional accounting
and finance professionals to add more personnel resources to the Company’s accounting and finance functions. Lastly, going forward,
the Company will require the authorization of two officers for any material expenditures exceeding $100,000. The elements of our remediation plan can
only be accomplished over time, and these initiatives may not ultimately have the intended effects.

Changes in Internal Control over Financial
Reporting 

There were no changes in our internal control
over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended
December 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item  9B.Other Information

None.

Item  9C.Disclosure Regarding Foreign Jurisdictions that Prevent
Inspection

Not applicable. 

93

PART III 

Item 10. Directors, Executive Officers and Corporate Governance 

As of the date of this report, our current directors and executive
officers are as follows:

    Name
     
    Age
     
    Position 
  
    Kuk Hyoun Hwang
     
    49
     
    Chief Executive Officer and President
  
    Jun Chul Whang
     
    60
     
    Chief Legal Officer and Secretary
  
    Sang Hoon Kim
     
    51
     
    Head of Corporate Venture Capital
  
    Gihyoun Bang
     
    47
     
    Chief Financial Officer
  
    Constance Höfer 
     
    56
     
    Chief Scientific Officer
  
    Phil Geon Lee
     
    57
     
    Lead Independent Director
  
    Alcide Barberis