Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 12

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 paid from the trust account to redeeming stockholders in connection with the extension.
On February 27, 2025, the Company made a deposit of $49,376 for the January extension contribution and a portion ($15,000) of the February
extension contribution. On March 7, 2025, the Company deposited the remainder of the February extension contribution of $19,376, plus
interest.

On March 18, 2025, the Company commenced a special
meeting of stockholders, which was adjourned until March 21, 2025 without conducting any business. On March 21, 2025, the Company reconvened
the meeting and the stockholders approved the extension of the business combination period until June 22, 2025. In connection with the
approval of the extension amendment, holders of 532,958 shares of the Company’s common stock exercised their right to
redeem, for an aggregate redemption amount of approximately $6.5 million, with 5,348,311 shares of common stock remaining outstanding
after the redemption; 154,561 shares of common stock remaining outstanding after the redemption are Public Shares. As a condition of
the extension, the Company contributed $30,000 to the Trust Account, for the entire extension period, on March 21, 2025. Additionally,
the stockholders at the meeting approved the amendment of the Company’s charter to remove the requirement that prevented the Company
from redeeming public shares to the extent that it would cause the Company’s net tangible assets to be less than $5,000,001 (the
“NTA Requirement”), and our charter was amended on March 21, 2025 to reflect the extension of the business combination and
the removal of the NTA Requirement.

On April 2, 2025, the parties to the Merger Agreement
entered into an Amendment No. 5 to the Merger Agreement (“Amendment No. 5”) pursuant to which Section 9.01 of the Merger Agreement
was amended such that the reference to “March 22, 2025” shall be replaced with “June 22, 2025” by which the Company
must consummate a Business Combination.

On May 8, 2025, the Company entered into a non-redemption agreement
(the “Non-Redemption Agreement”) with I-Bankers Securities, Inc. and Dawson James Securities, Inc. (together,