Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 135

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 135
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 further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the Company’s remaining stockholders and its board of directors, dissolve
and liquidate, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the
requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to the Company’s
rights and warrants, which will expire worthless if the Company fails to complete the Business Combination within the Combination Period.

On March 10, 2023, the Company held a vote to
amend its amended and restated certificate of incorporation to extend the date by which the Company must consummate a Business Combination
from March 22, 2023 to December 22, 2023 (the “First Extension Meeting”).

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. In connection with the extension, 140,663 shares
of the Company’s common stock were redeemed, with 6,027,219 shares of Common Stock remaining outstanding after the Redemption;
833,469 shares of Common Stock remaining outstanding after the Redemption are shares issued in connection with our initial public
offering. In January 2024, $1,565,078 was paid from the Trust Account to redeeming stockholders in connection with the
extension.

On
January 2, 2024, the Company and Continental Stock Transfer & Trust Company (“CST”) entered into Amendment No. 1 to Investment
Management Trust Agreement, dated December 20, 2021, by and between the Company and CST, to allow CST, upon written instruction of the
Company, to (i) hold the funds in the Company’s trust account uninvested or (ii) hold the funds in an interest-bearing bank demand
deposit account.

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 rep