Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 25

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 that reflects an equity valuation of Legacy Profusa of $155,000,000 (as
adjusted for the Incentive Equity Value, the Private Placement Value and the Aggregate Company Incentive Amount (as such terms are defined
in the Merger Agreement)), divided by an assumed value of Company Common Stock of $10.00 per share,

●each option to purchase Legacy Profusa Common Stock was converted into an option to purchase Company Common Stock based on the Exchange
Ratio, and

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

PIPE Transaction

On February 11, 2025, the Company 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, the
Company issued a PIPE Convertible Note in the principal amount of $10,000,000 (the “Initial Note”), reflecting a 10% OID.
The Initial Note matures on the date that is 18-months from Closing (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 price per share (“VWAP”)
of Company Common Stock in the 10 trading days prior to the original issue date for each PIPE Convertible and shall be adjusted, without
limitation, based on down-round and most-favored nation (MFN) price and terms protections (the “Conversion Price”).

The outstanding principal balance of the Profusa senior
convertible promissory notes and all accrued but unpaid interest converted into Legacy Profusa Common Stock was exchanged for
4,170,932 shares of Company Common Stock, on an as converted price of $0.34 per share. The Exchange Ratio and the Company Reference
Share Value (as defined in the Merger Agreement