Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 505

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 505
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 an initial business combination does not close, BLAC may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of an initial business combination, without interest, or, at the lender’s discretion, up to $1,000,000 of such Working Capital Loans may be convertible into Units at a price of $10.00 per Unit. The Units would be identical to the Private Placement Units. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. Loans made by Chardan or any of its related persons, if any, will not be convertible into any of BLAC’s securities, and Chardan and its related persons will have no recourse with respect to their ability to convert their loans into any of BLAC’s securities. As of the date of the proxy statement/prospectus, no Working Capital Loans were outstanding. On June 23, 2023, BLAC issued an unsecured promissory note (the “ June 2023 Note”) in the principal amount of $200,000 to the Sponsor to fund working capital requirements. The June 2023 Note is not interest bearing and is payable in full on the earlier of: (i) December 31, 2024 or (ii) the date on which BLAC consummates an initial business combination (the “June 2023 Note Maturity Date”). In the event that BLAC does not consummate an initial business combination, the June 2023 Note will be repaid only from amounts remaining outside of BLAC’s Trust Account, if any. The following shall constitute an event of default: (i) a failure to pay the principal within five business days of the June 2023 Note Maturity Date and (ii) the commencement of a voluntary or involuntary bankruptcy action. At the Sponsor’s discretion, the principal balance of the June 2023 Note may be converted at any time prior to the consummation of an initial business combination into Units identical to the Private Placement Units at a price of $10.00 per Unit. BLAC repaid the June 2023 Note on December 4, 2023. On November 13, 2023, BLAC issued an unsecured promissory note (the “ BCM Note”) in the