Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 53

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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reement are hereinafter referred to as the “Business Combination.”

The Business Combination is subject to customary
closing conditions, including the satisfaction of the minimum available cash condition of $15,000,000, the receipt of certain governmental
approvals and the required approval by the stockholders of NorthView and Profusa. 

The aggregate consideration to be received by
the Profusa stockholders is based on a pre-transaction equity value of $155,000,000. The exchange ratio will be equal to (a) $155,000,000,
divided by an assumed value of NorthView Common Stock of $10.00 per share.

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Pursuant to the Merger Agreement, subject to
certain future revenue and stock-price based milestones, Profusa stockholders will have the right to receive an aggregate of up to an
additional 3,875,000 shares of NorthView Common Stock (the “Earnout Shares”). One-quarter of the Earnout Shares will be issued
if, between the 18-month anniversary and the two-year anniversary of the Closing, the combined company’s common stock achieves
a daily volume weighted average market price of at least $12.50 per share for any 20 trading days within a 30 consecutive trading day
period (“Milestone Event I”). One-quarter of the Earnout Shares will be issued if, between the first and second anniversary
of the Closing, the combined company’s common stock achieves a daily volume weighted average market price of at least $14.50 per
share for a similar number of days (“Milestone Event II”). Pursuant to the Merger Agreement, the remaining one-quarter of
the Earnout Shares were to be issued if the combined company achieves at least $5,100,000 in revenue in fiscal year 2023, and one-quarter
of the Earnout Shares will be issued if the combined company achieves at least $73,100,000 in revenue in fiscal year 2024, (or up to
one-half of the Earnout Shares if both milestones are achieved).

On September 12, 2023, the parties to the Merger
Agreement entered into Amendment No. 1 to the Merger Agreement ( “Amendment No. 1”) pursuant to which the parties agreed
to revise the revenue earnout milestones to reflect updated projections provided by Profusa. Specifically, Amendment No. 1 revised the
definition of “Milestone Event III” and “Milestone Event IV” such that one-quarter of