Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 110

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 110
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20, 2021 between the Company and Continental Stock Transfer & Trust Company (“CST”),
the trustee of the Trust Account, $78,813 of interest income from the Trust Account was withdrawn by the Company for the payment of franchise
and income taxes.

During the six months ended June 30, 2024, pursuant
to the trust agreement dated as of December 20, 2021 between the Company and Continental Stock Transfer & Trust Company (“CST”),
the trustee of the Trust Account, $204,460 of interest income from the Trust Account was withdrawn by the Company for the payment of
franchise and income taxes.

Cash

    Fair Value as of June 30,
2025  
    Fair Value as of December 31, 2024 
  
    Cash 
    $1,935,561  
    $8,330,835 

On December 21, 2023, the Company held a special
meeting of stockholders to vote on extending the Combination Period. As a result, the Company extended the Combination Period from December
22, 2023 to March 22, 2024, which was later extended to March 22, 2025. In connection with the extension voted on December 21, 2023,
140,663 shares of the Company’s common stock were redeemed. In January 2024, $1,565,078 was paid from the Trust Account to redeeming
stockholders in connection with the extension. As a result, the Company recorded a liability of $1,565,078 as common stock to be redeemed
and reduced common stock subject to possible redemption as of December 31, 2023 on the balance sheet. Additionally, as part of the adjustment
of common stock subject to possible redemption, the Company classified $1,565,078 of the trust account as a current asset on the condensed
consolidated balance sheets, which was paid from the Trust Account in January 2024 to redeeming stockholders.

On March 18, 2025, the Company commenced a special
meeting of stockholders, which was adjourned until March 21, 2025 without conducting any business. On March 21, 2025, the Company reconvened
the special meeting to approve an extension of time for the Company to consummate an initial business combination from March 22, 2025
to June 22, 2025. The meeting was adjourned until March 21