Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 136

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 8
Chunk 136
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requirements in Europe in order to commercialize the Lumee Oxygen reader in order to generate revenues in early 2026. In addition to
management’s focus on commercialization, additional financing is available through the sale of Common Stock and executing
tranches three and four of the PIPE Subscription Agreement which would provide an aggregate of up to an additional $10.0 million in
cash for operating expenses to further the product research and development.

Subsequent to the Closing, there continue to be factors which raise
substantial doubt about the Company’s ability to continue as a going concern within one year from the date the condensed consolidated
financial statements are issued. The condensed consolidated financial statements do not contain any adjustments that might result from
the outcome of this uncertainty.

On September 11, 2025, Profusa, Inc. (the “Company”) received
a notice (the “MVLS Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”)
notifying the Company that, based upon its review of the market value of listed securities (“MVLS”) of the Company’s
common stock, par value $0.0001 per share (the “Common Stock”), from July 29, 2025 to September 10, 2025, the Company no longer
meets Nasdaq Listing Rule 5450(b)(2)(A), which requires companies listed on the Nasdaq Global Market to maintain a minimum MVLS of $50,000,000.
The Company has been provided a compliance period of 180 calendar days, or until March 10, 2026, to regain compliance with Nasdaq Listing
Rule 5450(b)(2)(A). If at any time during this compliance period, the Common Stock’s MVLS closes at $50,000,000 or more for a minimum
of ten consecutive business days, Nasdaq will provide the Company with written confirmation of compliance and this matter will be closed,
provided, however that Nasdaq may, in its discretion, require the Company to maintain the minimum MVLS for a period in excess of ten consecutive
business days, but generally no more than 20 consecutive business days, before determining that the Company has demonstrated an ability
to maintain long-term compliance.

In the event the Company does not regain compliance with Nasdaq Listing
Rule 5450(b)(2)(A) prior to the expiration of the compliance period, the Company will receive written notification that the Company’s
securities are subject to del