SEC FORM 4

SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hwang Kuk Hyoun

(Last)

(First)

(Middle)

10900 NE 4TH STREET, SUITE 2300

(Street)

BELLEVUE

98004

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
OSR Holdings, Inc. [ OSRH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/14/2025		J⁽¹⁾		43,000	A	$0	2,043,500⁽²⁾	I	By Bellevue Global Life Sciences Investors LLC
Common Stock	02/14/2025		J⁽³⁾		7,531,634	A	$0	9,575,134⁽⁴⁾	I	By BCM Europe AG
Common Stock	02/14/2025		J⁽⁵⁾		3,123,970	A	$0	12,699,104⁽⁶⁾	I	By Bellevue Capital Management LLC

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents 430,000 private placement rights which were converted into 43,000 shares of common stock at the closing of the business combination between Bellevue Life Science Acquisition Corp. and OSR Holdings Co., Ltd.

2. Represents shares of common stock held by Bellevue Global Life Sciences Investors LLC, the sponsor of the Issuer (the "Sponsor") whose general partner is Bellevue Capital Management LLC ("Bellevue Capital"). Kuk Hyoun Hwang is the managing partner of Bellevue Capital and has voting and dispositive power over the shares held by the Sponsor.

3. Represents shares of OSR Holdings, Inc. common stock acquired by BCM Europe AG in exchange for its shares of OSR Holdings Co., Ltd. common stock at the closing of the business combination between Bellevue Life Sciences Acquisition Corp. and OSR Holdings Co., Ltd.

4. Represents shares of common stock held by BCM Europe AG. BCM Europe AG is a wholly-owned subsidiary of Bellevue Capital Management LLC. Kuk Hyoun Hwang is the managing partner of Bellevue Capital Management LLC and has voting and dispositive power over the shares held by BCM Europe AG.

5. Represents shares of OSR Holdings, Inc. common stock acquired by Bellevue Capital Management LLC in exchange for its shares of OSR Holdings Co., Ltd. common stock at the closing of the business combination between Bellevue Life Sciences Acquisition Corp. and OSR Holdings Co., Ltd.

6. Represents shares of common stock held by Bellevue Capital Management LLC. Kuk Hyoun Hwang is the managing partner of Bellevue Capital Management LLC and has voting and dispositive power over the shares held by BCM Europe AG.

	By: /s/ Kuk Hyoun Hwang Managing Member	02/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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President and CEO Hwang Kuk Hyoun acquired 10,698,604 shares (SEC Form 4)