Bellevue Life Sciences Acquisition Corp. Announces Approval of Business Combination Proposal And Name Change to OSR Holdings, Inc.

SEOUL, South Korea, Feb. 14, 2025 /PRNewswire/ -- Bellevue Life Sciences Acquisition Corp. ("BLAC") announced today the approval of each of the proposals presented at the special meeting of its stockholders (the "Special Meeting") held today, including the proposal for the business combination with OSR Holdings Co., Ltd. (the "Transaction"). BLAC expects the Transaction to close following receipt of foreign investment approval from the Industrial Bank of Korea, which is expected on February 14, 2025.

Following the Special Meeting, BLAC filed its Amended and Restated Certificate of Incorporation as approved by the stockholders with the Delaware Secretary of State and has changed its name to OSR Holdings, Inc. ("OSR Holdings"). Assuming the closing of the Transaction occurs on February 14, 2025, the common stock and warrants of OSR Holdings will begin trading on the Nasdaq Stock Market LLC on February 18, 2025 under the ticker symbols "OSRH" and "OSRHW," respectively. In connection with the Special Meeting, 57,821 shares of BLAC Common Stock were tendered for redemption.

Following the Transaction, OSR Holdings will own approximately 67% of the outstanding stock of OSR Holdings Co., Ltd. ("OSR") and OSR stockholders holding an additional 22% of the outstanding OSR shares have entered into agreements with OSR Holdings providing for the acquisition by OSR Holdings of such shares via put/call provisions commencing in 2026.

Kuk Hyoun Hwang, President and CEO of OSR Holdings, expressed enthusiasm about the Transaction, stating, "The closing will mark a significant achievement and step forward while remaining true to our foundational business strategy as a global Hub-and-Spoke group of healthcare companies. We are excited about the opportunities this will create for OSR Holdings by leveraging momentum from the completion of the business combination to help advance and grow our subsidiaries and overall drug pipelines."

"This achievement is a testament to the dedication of our team and their belief in the strength of our vision. We look forward to executing on our corporate strategy to create long-term value to our subsidiary founders, shareholders and investors, and our employees," said Sang Hoon Kim, CEO of OSR.

Upon the closing of the Transaction, OSR Holdings will continue its business operations in the US, Europe and South Korea. The company's current portfolio of subsidiaries includes a Phase 2 clinical stage company developing immunotherapies for oncology indications, an early clinical stage company developing disease modifying therapies aimed to address several age-related and other degenerative diseases, and a medical device distributions company.