Company: OWLS
Filing Date: 2025-09-03
Form Type: F-1
Source: 0001193125-25-195057
Chunk: 111

Company: OBOOK HOLDINGS INC.
Filing Date: 2025-09-03
Form: F-1
Chunk 111
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, subject to
Nasdaq conducting validation checks in

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accordance with Nasdaq rules. The Advisor will determine when our Class A Common Shares are ready to trade and approve proceeding at the Current Reference Price primarily based on considerations
of volume, timing and price. In particular, the Advisor will determine, based primarily on pre-opening buy and sell orders, when a reasonable amount of volume will cross on the opening trade such that sufficient price discovery has been made to open
trading at the Current Reference Price. If the Advisor does not approve proceeding at the Current Reference Price (for example, due to the absence of adequate preopening buy and sell interest), the Advisor will request that Nasdaq delay the opening
until such a time that sufficient price discovery has been made to ensure a reasonable amount of volume crosses on the opening trade. Although we have provided the historical sales prices of our capital stock in private transactions in the section
titled “Sale Price History of Our Class A Common Shares”, this information may have little or no relation to broader market demand for our Class A Common Shares or Class A Common Shares and thus the public trading price of our Class A
Common Shares or Class A Common Shares on the Nasdaq once trading begins. As a result, you should not place undue reliance on these historical sales prices as they may differ materially from the opening public trading prices and subsequent public
trading prices of our Class A Common Shares or Class A Common Shares on the Nasdaq. For more information, see “Plan of Distribution.”

Additionally, prior to the opening trade, there will not be a price at which underwriters initially sold Class A Common Shares to the
public as there would be in an underwritten initial public offering. The absence of a predetermined initial public offering price could impact the range of buy and sell orders collected by Nasdaq from various broker-dealers. Consequently, upon
listing on Nasdaq, the public price of our Class A Common Shares may be more volatile than in an underwritten initial public offering and could decline significantly and rapidly.

Furthermore, because of our novel listing process on Nasdaq, Nasdaq’s rules for ensuring compliance with its initial listing standards,
such as those requiring a valuation or other compelling evidence of value, are more stringent. In the absence of a prior active public trading market for our Class A Common Shares, if the price of our Class A Common Shares or our market
capitalization falls below those required by Nasdaq’s eligibility standards, we may not be able to satisfy the ongoing listing criteria and may