Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 156

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 156
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 on the effective date of the IPO, the Company began paying
its Sponsor a total of $5,000 per month for office space, utilities, secretarial support and other administrative and consulting
services. As of June 30, 2023, the Company and the Sponsor terminated this agreement. For the year ended December 31, 2024, $0 had been
incurred and billed relating to the administrative service fee, respectively. For the year ended December 31, 2023, $30,000 had been incurred
and billed relating to the administrative service fee. As of December 31, 2024 and 2023, $50,000 relating to the administrative service
fee was not paid and recorded as due to related party.

Advances
from Profusa

During
the year ending December 31, 2024, Profusa agreed to advance funds to the Company to pay for operating expenses. As of December 31, 2024,
there was $791,407 owed to Profusa, which is due upon demand or at the completion of the Business Combination.

Note
6 – Commitments and Contingencies

Registration
Rights

The
holders of the Founder Shares, the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital
Loans (and any underlying securities) are entitled to registration rights pursuant to a registration rights agreement signed on the
closing date of the IPO requiring the Company to register such securities for resale. The holders of these securities are entitled
to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have
certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of
the initial Business Combination. However, the registration rights agreement provides that the Company will not permit any
registration statement filed under the Securities Act to become effective until termination of the applicable Lock-up period
described in Note 5. The Company will bear the expenses incurred in connection with the filing of any such registration
statements.

Underwriters
Agreement

The
underwriters had a 30-day option from the date of IPO to purchase up to an additional 2,475,000 units to cover over-allotments,
if any. On December 22, 2021, the over-allotment was fully exercised.

The
underwriters received a cash underwriting discount of approximately 1.82% of the gross proceeds of the