Company: PFSA
Filing Date: 2025-07-18
Form Type: 8-K
Source: 0001213900-25-065686
Chunk: 28

Company: Profusa, Inc.
Filing Date: 2025-07-18
Form: 8-K
Chunk 28
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 the NorthView Initial Stockholders in exchange for shares of NorthView Common Stock that
constituted founder shares will be locked-up for 8 months after the Closing Date, subject to earlier release on (i) the last consecutive
trading day where the sale price of New Profusa Common Stock equals or exceeds $12.50 per share for any 20 trading days within any 30-trading
day period commencing at least 180 days after the Closing or (ii) such date on which New Profusa completes a liquidation, merger, stock
exchange or other similar transaction that results in all of New Profusa’s stockholders having the right to exchange their shares
of New Profusa Common Stock for cash, securities or other property. Separately, certain New Profusa shareholders are subject to a lock-up
agreement in connection with the PIPE Subscription Agreement, as described further below.

The foregoing description
of the Lock-Up Agreement is not complete and is qualified in its entirety by reference to the text of such document, a form of which
is filed as Exhibit 10.3 hereto and incorporated herein by reference.

PIPE Transaction

Initial Note

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 an aggregate purchase price of up to $20,000,000, reflecting a 10% original issue discount to the face amount (“OID”).

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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”) for a purchase price of $9,000,000, 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 PIPE Investor’s option at a conversion price equal to the
lower of $10 or 95% of the lowest daily volume-weight