Company: OSRH
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001213900-25-007923
Chunk: 248

Company: OSR Holdings, Inc.
Filing Date: 2025-01-29
Form: S-4/A
Chunk 248
---
 and management prior to June 9, 2023. The BLAC M&A Committee was originally comprised of three independent members of the BLAC Board, Dr. Reed, Dr. Roberts and Mr. Park. Upon the resignations of Dr. Reed and Dr. Roberts in May 2024 and June 2024, respectively, Mr. Lee and Mr. Kim joined the BLAC M&A Committee. The BLAC M&A Committee ratified BLAC’s entry into a non -disclosureagreement with OSR Holdings, dated March 30, 2023, and subsequently approved BLAC’s entry into a letter of intent between BLAC and OSR Holdings dated July 11, 2023. The BLAC M&A Committee considered the potential conflict of interest that Mr. Hwang and Mr. Whang as part of the BLAC Board owned financial interests in OSR Holdings through their interests in Bellevue Capital Management, LLC, while it also reviewed and analyzed the facts that under Mr. Hwang’s leadership, OSR Holdings had pursued other options to either go public or create liquidity event for its subsidiaries, for instance by developing a discussion with “Sponsor A”, one of the most active SPAC sponsors in Korea measured by the counts of both IPOs and DeSPACs (Daeho Kim, the Internal Comptroller of OSR Holdings is one of the cofounders of Sponsor A) and also by engaging Broker “S”, one of the largest investment banks in Korea for Vaximm’s Korean IPO. With knowledge of, and against the background of the pre -existingoptions, BLAC’s M&A Committee came to the view that the option of a merger with OSR Holdings was worth pursuing, and had the potential of resulting in a mutually beneficial relationship between BLAC and OSR Holdings. The M&A Committee ratified BLAC’s entry into the non -disclosureagreement with OSR Holdings dated March 30, 2023 based upon its analysis and assessment described above, which was rendered as part of the discussions and reviews conducted from the formation of the M&A Committee through to the execution of the non -bindingletter of intent on July 11, 2023, but most prominently on June 18, 2023 when the M&A Committee met to review the draft Letter of Intent (LOI). The Members of the BLAC M&A Committee, in the meeting, recognized that a non -disclosureagreement was in place between BLAC and OSR Holdings and agreed that