Company: PFSA
Filing Date: 2025-04-03
Form Type: S-4/A
Source: 0001213900-25-028544
Chunk: 274

Company: Profusa, Inc.
Filing Date: 2025-04-03
Form: S-4/A
Chunk 274
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 term sheet dated May 9, 2024 provided Vellar the option to terminate the transaction for any reason, at any time, in its absolute discretion and will be entitled to receive all of Vellar’s reasonable costs and expenses relating to the Transaction (not to exceed $75,000). In the event Vellar elected to terminate the transaction, Vellar would have no obligation to NorthView, Profusa or NewCo. For avoidance of doubt, such payment of the breakup fee shall be due at close of Business Combination. Vellar notified NorthView and Profusa that they would be unable to provide cash at closing of the Merger and would consider cash investments post -closing of the business combination. NorthView and Profusa evaluated Vellar’s position, the risk of JV funding at close and level of trust account redemptions. It was eventually determined that NorthView would like to explore other PIPE opportunities that would provide the proper level of cash at close to support Profusa’s operations and meet Nasdaq’s listing requirements. On June 25, 2024 a meeting was held between NorthView, Profusa and Vellar, where NorthView and Profusa requested that Vellar allow them to explore PIPE opportunities, which would provide additional cash upon the closing of the business combination. In an email dated June 25, 2024, Vellar consented to NorthView and Profusa pursuing alternative funding and PIPE opportunities, reserving the right to approve any transaction considered. NorthView commenced discussions with other investors regarding various PIPE structures. In June 2024, NorthView received indicative terms from investors for a senior secured convertible note that would provide additional cash at the close of the business combination. On July 3, 2024, an institutional investor presented a term sheet for the purchase of convertible promissory notes, which contemplated warrant coverage on the note purchase. Profusa, NorthView and their respective counsel reviewed such term sheets and discussions with the institutional investor and discussions continued through January of 2025 (see “Ascent Financing Background”). 134 On July 12, 2024, NorthView presented the institutional investor with an indicative term sheet for a senior secured note to Vellar and asked for their approval to move forward with a PIPE transaction with that structure. Vellar exercised its right to approve the transaction and allowed NorthView to move forward with investors that would provide a PIPE in the form of a senior secured convertible note. On September 24, 2024, a meeting was held between NorthView and Vellar. V