Company: PFSA
Filing Date: 2025-05-13
Form Type: S-4/A
Source: 0001213900-25-042224
Chunk: 281

Company: Profusa, Inc.
Filing Date: 2025-05-13
Form: S-4/A
Chunk 281
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 of the PIPE Subscription Agreement with the PIPE Investors. Recent Amendment Summary On January 16, 2025, NorthView’s counsel sent a proposed amendment to Profusa’s counsel which included (i) amending the definition of “Milestone Event III” such that the period for Profusa to consummate the APAC Joint Venture would be extended from December 31, 2024 to December 31, 2025, (ii) amending the definition of “Milestone Event IV” to change the earnout revenue target from $99,702,000 for the fiscal year ended December 31, 2025 to an earnout revenue target of $11,864,000 for the fiscal year ended December 31, 2026, which was consistent with Profusa’s updated projections, (iii) amending the purchase price adjustments to account for Profusa’s bridge financings (the “Incentive Equity Value”), (iv) extending the Outside Date to March 22, 2025. Counsel for Profusa and NorthView exchanged drafts of a proposed amendment over the next few weeks, and NorthView’s management subsequently presented the proposed amendments to the Merger Agreement to its board of directors for approval, which NorthView’s board ultimately approved on February 10, 2024. The Merger Agreement was amended on April 2, 2025, to again extend the Outside Date to June 22, 2025. Opinion of Marshall & Stevens On July 2, 2022, NorthView verbally authorized Marshall & Stevens to evaluate the fairness, from a financial point of view, to NorthView of the consideration to be received by NorthView in consideration of the issuance of its equity securities to the equity holders of Profusa in connection with the anticipated acquisition by NorthView of one hundred percent of the equity and equity equivalents (“equity”) and/or all or substantially all of the assets and business (the “business”) of Profusa. Marshall & Stevens was formally engaged via engagement letter on July 19, 2022. On July 20, 2022, Marshall & Stevens presented its draft analyses regarding the fairness of the transaction to NorthView, from a financial point of view, to NorthView’s Board. On October 12, 2022, Marshall & Stevens provided an updated analysis, which reflected, among other things, the Initial Projections, extended through the year ended December 31, 2031, as described in this proxy statement/prospectus, and a valuation date of December