Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 523

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 523
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agreements to ensure costs are aligned with all agreements and budget.

F-23

Note 11 – Subsequent Events

The Company evaluated subsequent events and transactions
that occurred after the balance sheet date up to the date that the consolidated financial statements were issued. Based on the Company’s
review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial
statements, other than as previously disclosed, and as described below.

On February 11, 2025, the Company entered into
a securities purchase agreement (the “SPA”) with an institutional investor (the “Investor”). Pursuant to the SPA,
the Investor is expected, subject to the conditions relating to such purchase set forth in the SPA, to purchase from the Company senior
secured convertible promissory notes in an aggregate principal amount of up to $22,222,222 (the “Convertible Notes”) for a
purchase price of up to $20,000,000, after a 10% original issue discount (“OID”).

On March 21, 2025, the Sponsor and its designees
have now agreed to contribute an amount (the “Revised Contribution Amount”) equal to $30,000 for the entire Extension Period.
All funds in the Company’s trust account, including those funds deposited in connection with the Revised Contribution Amount, will
be held in an interest-bearing demand deposit account at a bank until the earlier of the consummation of the Company’s initial business
combination or liquidation. The Revised Contribution Amount will be deposited in the Company’s trust account promptly at the beginning
of the Extension Period.

The Company announced that is has agreed to waive
its right to withdraw up to $100,000 of interest from the Company’s trust account to pay dissolution expenses, should the Company
ultimately liquidate prior to a business combination (the “Dissolution Expense Waiver”). As a result, the Company will not
be able to withdraw up to $100,000 of interest for such dissolution expenses upon liquidation, and such interest will be held in the trust
account and no be released until the earliest to occur of (i) the completion of the initial business combination, (ii) the redemption
of 100% of the Offering Shares (as defined below) if the Company is unable to complete its initial Business Combination within the Extension,
and (iii) the redemption of Public Shares in connection with a vote seeking to amend the provisions of our Charter.

The Company also