Company: PFSA
Filing Date: 2025-10-09
Form Type: S-1
Source: 0001213900-25-097860
Chunk: 133

Company: Profusa, Inc.
Filing Date: 2025-10-09
Form: S-1
Chunk 133
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 Management’s Discussion and Analysis of Financial Condition and Results of Operations of Profusa” and other financial information included in the Proxy Statement/Prospectus. Description of the Business Combination

76 More specifically, and as described in greater detail below, at the Effective Time of the Merger:

| a. | each share of issued and outstanding Profusa Common Stock was converted into a number of shares of New                                    
 Profusa common stock, par value $0.0001 per share (“New Profusa Common Stock”), based on the Exchange Ratio that reflects                 
 an equity valuation of Profusa of $155,000,000 (as adjusted for the Incentive Equity Value, the Private Placement Value and the Aggregate 
 Company Incentive Amount), divided by an assumed value of New Profusa Common Stock of $10.00 per share.                                   |

| b. | each option to purchase Profusa Common Stock was converted into an option to purchase New Profusa Common 
 Stock based on the Exchange Ratio, and                                                                   |

| c. | each warrant to purchase Profusa Common Stock was converted into a warrant to purchase New Profusa Common 
 Stock based on the Warrant Ratio (as defined in the Merger Agreement).                                    |

PIPE Transaction

| ● | On February 11, 2025, NorthView executed a Securities Purchase Agreement (the “PIPE Subscription                                       
 Agreement”) with Ascent Partners Fund LLC (“Ascent”, and together with any additional investors who become parties to                  
 the PIPE Subscription Agreement, the “PIPE Investors”). Pursuant to the PIPE Subscription Agreement, the PIPE Investors are            
 expected, subject to the conditions relating to such purchase set forth in the PIPE Subscription Agreement, to purchase from NorthView 
 senior secured convertible notes in an aggregate principal amount of up to $22,222,222 (the “PIPE Convertible Notes”) for              
 a purchase price of up to $20,000,000, after 10% OID.                                                                                  |

At the Closing and pursuant to the PIPE Subscription Agreement, New Profusa issued a PIPE Convertible Note in the principal amount of $10,000,000 (the “Initial Note”), reflecting a 10% original issue discount to the face amount (“OID”) thereof. The Initial Note matures on January 11, 2027, which is 18-months from Closing on July 11, 2025 (the “Maturity Date”) and is convertible at any time at the holder’s option at the lower of $10 or 95% of the lowest daily volume-weighted average