Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 265

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part II, Item 1A
Chunk 265
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 brokers trading in the public shares to adhere to more stringent rules and possibly result
                                            in a reduced level of trading activity in the secondary trading market for its securities;

●a
                                            limited availability of market quotations for the Company’s securities;

●reduced
                                            liquidity for the Company’s securities;

●a
                                            decreased ability to issue additional securities or obtain additional financing in the future.

Because we are no longer listed on Nasdaq, our securities could no
longer be considered to be “covered securities” under the National Securities Markets Improvement Act of 1996, and we could
be subject to regulation in each state in which we offer our securities, including in connection with our initial business combination,
which may make more difficult and costly to complete a business combination. Further, this may make us a less attractive business combination
partner for companies with which we would otherwise seek to pursue a business combination. In addition, our securityholders could be prohibited
from trading in our securities absent our registration in the state where such securityholder lives. To date we have not registered our
securities in any State, and do not currently plan to do so. This may make it difficult or impossible for our securityholders to trade
in our securities.

33

Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds.

On December 22, 2021, we consummated our Initial
Public Offering of 18,975,000 Units, which included 2,475,000 Units issued pursuant to the full exercise of the over-allotment option
granted to the underwriters, generating gross proceeds of $189,750,000. I-Bankers Securities, Inc. and Dawson James Securities, Inc.
acted as joint book-running managers of the Initial Public Offering. The securities in the offering were registered under the Securities
Act on registration statements on Form S-1 (Nos. 333-257156 and 333-261763). The Securities and Exchange Commission declared
the registration statement effective on December 20, 2021.

Simultaneous with the consummation of the Initial
Public Offering, we consummated the private placement of an aggregate of 7,347,500 Private Placement Warrants to the Sponsor and I-Bankers
and Dawson James at a price of $1.00 per Private Placement Warrant, generating total proceeds of $7,347,500.

The Private Placement Warrants are identical
to the Warrants sold in the IPO except that the