Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 178

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 1
Chunk 178
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 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 would be exempt from registration
pursuant to Regulation S under the U.S. Securities Act of 1933, as amended. A form of the Subscription Agreement is filed as Exhibit 10.1
to the Company’s October 4, 2024 Form 8-K filing and is incorporated herein by reference. The disclosures set forth herein
are intended to be summaries only and are qualified in their entirety by reference to the form of the Subscription Agreement.

As reported by the Company on Form 8-K dated December 17, 2024, on
that date the Company and Toonon signed the First Amendment to the Subscription Agreement (the “First Amendment”) which amended
the Subscription Agreement to remove the redemption features of the Series A Preferred Stock contained in the Certificate of Designations
that, pursuant to the closing of the PIPE Investment, the Company intended to file with the Secretary of State of the State of Delaware.
The foregoing description of the First Amendment does not purport to be complete and is qualified in its entirety by reference to the
full text of the First Amendment, a form of which is attached as Exhibit 10.1 to the Company’s Form 8-K filed December 17, 2024,
and the terms of which are incorporated herein by reference.

Toonon has exercised its right to cancel the transaction citing macroeconomic
factors in Korea unrelated to the Company. This loss of expected financing has made it necessary for the Company to seek alternative
funding from other sources to sustain its operations and business plans, including the ELOC Agreement described in this section below.

ELOC Agreement

As previously disclosed on the Company’s
Current Report filed on Form 8-K on February 28, 2025, on February 25, 2025 the Company entered into a common stock purchase agreement
(the “Common Stock Purchase Agreement”) and a related registration rights agreement (the “White Lion RRA”)
with White Lion GBM Innovation Fund (“White Lion”). Capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Common Stock Purchase Agreement.

Pursuant to the Common Stock Purchase