Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 422

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 422
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 initial
Business Combination, the Founder Shares will be released from the Lock-up.

Convertible Promissory Note — Related Party

On April 27, 2023, the
Company signed a Convertible Working Capital Promissory Note (“the Note”) with the Sponsor for $1,200,000. The Note is non-interest
bearing and is due the earlier of the consummation of a business combination or the date of liquidation. The Sponsor may elect to convert
all or any portion of the unpaid principal balance of this Note into warrants, at a price of $1.00 per warrant. On January 10, 2024,
the Company’s Board of Directors approved, and the Company amended the Note 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 repaid in shares of Company common stock at a price of $2.22 per share at the election of the sponsor. On May 31,
2024, the Company’s Board of Directors approved and the Company entered into a second amendment of its Convertible Working Capital
Promissory Note with the sponsor to increase the principal amount of the Note that could be drawn on to $2.5 million. The second
amended and restated Note also allows for the conversion of the outstanding principal balance of the Note to be repaid in shares of Company
common stock at a price of $2.22 per share at the election of the sponsor. As of June 30, 2025 and December 31, 2024, the
Company had principal outstanding of $1,919,796 and is presenting the Note at fair value on its balance sheet at June 30, 2025 and
December 31, 2024 in the amount of $10,288,111 and $8,908,052, respectively. The Company has deferred the repayment of the Note to
six months after the Closing.

Securities Purchase Agreement

On February 11, 2025,
in a private transaction, 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’s senior secured convertible promissory notes (“Ascent Note”) in an aggregate
principal amount of up