Company: OSRH
Filing Date: 2025-01-31
Form Type: 424B3
Source: 0001213900-25-008874
Chunk: 352

Company: OSR Holdings, Inc.
Filing Date: 2025-01-31
Form: 424B3
Chunk 352
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 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 will be exempt from registration pursuant to Regulation S under the Securities Act. The PIPE Investment, if completed, will dilute the ownership of existing BLAC stockholders, and may depress the value of shares of New OSR Holdings common stock. It is not currently anticipated that Sponsor or any BLAC or OSR Holdings affiliates will participate in the PIPE Investment. BLAC has been informed by Toonon that the PIPE Investment will not close by the closing of the Business Combination. While BLAC believes that the PIPE Investment will close by the end of February 2025, there is no guarantee that the PIPE Investment will close by that date or at all. 210 On October 16, 2024, BLAC issued the Duksung Promissory Note in the principal amount of $800,000 to Duksung, an existing shareholder of OSR Holdings. The Duksung Promissory Note contains customary representations, warranties and covenants of BLAC and Duksung and bears interest at a simple rate of 5% per annum; provided, however, solely for purposes of prepayment pursuant to a redemption of the Duksung Promissory Note, interest shall be deemed to have accrued at a simple rate of 7% per annum, and, unless earlier converted or redeemed is payable in full on October 15, 2025 (the “Maturity Date”). In the event of, and simultaneously with the closing of a Qualified PIPE Financing (as defined in the Duksung Promissory Note), which includes the PIPE Investment, the Duksung Promissory Note automatically converts into BLAC common stock in an amount equal to the quotient (rounded to the nearest whole share) obtained by dividing (a) the outstanding principal amount and unpaid accrued interest under the Duksung Promissory Note by (b) eight dollars and ten cents ($8.10) (the “Conversion”). The Conversion shall constitute satisfaction in full of the obligations of BLAC under the Duksung Promissory Note. The Conversion, if completed, will dilute the ownership of existing BLAC stockholders, and may depress the value of shares of New OSR Holdings common stock. In