Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 900

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 900
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 our analyses or this Fairness Opinion. In conducting this engagement, we have not been requested to make, and have not made, any physical inspection or independent appraisal or evaluation of any of the assets, properties, or liabilities (fixed, contingent, derivative, off-balance-sheet or otherwise) of OSR or its subsidiaries or any other party, nor were we provided with any such appraisal or evaluation except as described above. We have undertaken no independent analysis of any potential or actual litigation, regulatory action, possible unasserted claims or other contingent liabilities, to which OSR or its subsidiaries are or may be a party or are or may be subject, or of any governmental investigation of any possible unasserted claims or other contingent liabilities to which OSR or its subsidiaries are or may be a party or are or may be subject. Unless express written notice of noncompliance is delivered and brought to the attention of Choloc, we assume that the Company is in compliance with all laws and regulations of any government or agency significant and relevant to its operations. 3.The Transaction subject to this Fairness Opinion The contemplated Transaction set forth in the Business Combination Agreement is as follows: The Aggregate Consideration will be paid solely in 24,461,214 shares of common stock of BLAC valued at $10.00 per share. Holders of a minimum of 60% of the Company Common Stock will agree to exchange their shares upon Closing of Business Combination (the “ Participating Stockholders ”) and the holders of the balance of the Company Common Stock will agree to exchange their shares on or after January 1, 2026 through the exercise of put/call options held by such holders of OSR Common Stock (the “ Non-participating Stockholders ”) and BLAC, respectively. Each share of OSR Common Stock will be exchanged for the Per Share Consideration, which is the Annex I-3

Aggregate Consideration divided by the Company Fully Diluted Share Amount. The Aggregate Consideration Value specified in the Business Combination Agreement reflects the pre-Transaction value of OSR of approximately $244.6 million. The Aggregate Consideration is to be paid solely in shares of BLAC Common Stock and there is no component of cash or other contingent consideration as part of the Transaction. 4.OSR Business model and Comparable Companies OSR operates in “Hub-and-Spoke” business model with centralized portfolio management team of the holding company which owns and controls emerging biotech and medtech companies in South Korea and Switzerland. The subsidiary portfolio of OS