Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 168

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 2
Chunk 168
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 As a condition of the extension, the Company contributed $30,000 to the Trust Account, for the entire extension
period, on March 21, 2025.

On June 9, 2025, the Company held its a special
meeting of stockholders. At the meeting, the Company’s stockholders approved Merger Agreement and the actions and transactions contemplated
thereby, including (i) adopt an amended and restated Certificate of Incorporation, to be effective upon closing of the Merger (ii) approving
certain advisory proposals related to the amended and restated Certificate of Incorporation, (iii) approved the issuance of new shares
of the Company’s Common Stock as merger consideration, (iv) elected new directors, and (v) approved new employee incentive plans.

In connection with the meeting, the holders of
52,784 Public Shares properly exercised their right to redeem, with 5,295,527 shares of Common Stock remaining outstanding after such
redemptions.

27

Promissory Note

On January 10, 2024, the Company’s Board
of Directors approved, and the Company amended, its Convertible Working Capital Promissory Note (the “Note”) with the sponsor
to increase the principal amount of the Note that could be drawn on to $1.5 million. The amended and restated Note also allows for
the conversion of the outstanding principal balance of the Note to be repaid in shares of Company common stock at a price of $2.22 per
share at the election of the sponsor.

On May 31, 2024, the Company’s Board of
Directors approved, and the Company second amended its Convertible Working Capital Promissory Note with the sponsor to increase the principal
amount of the Note that could be drawn on to $2.5 million. The second amended and restated Note also allows for the conversion of
the outstanding principal balance of the Note to be repaid in shares of Company common stock at a price of $2.22 per share at the election
of the sponsor.

Nasdaq Delisting

On December 20, 2024, the Company received a
written notice from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market that the Company’s securities would
be delisted from The Nasdaq Stock Market by reason of the failure of the Company to complete its initial business combination by December
20, 2024 (36 months from the effectiveness of its IPO registration statement