Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 643

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 643
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 achieves at least $73,100,000 in revenue in fiscal year 2024, (or up to
one-half of the Earnout Shares if both milestones are achieved).

On
September 12, 2023, the parties to the Merger Agreement entered into Amendment No. 1 to the Merger Agreement ( “Amendment No. 1”)
pursuant to which the parties agreed to revise the revenue earnout milestones to reflect updated projections provided by Profusa. Specifically,
Amendment No. 1 revised the definition of “Milestone Event III” and “Milestone Event IV” such that one-quarter
of the Earnout Shares would be issued to Profusa stockholders if the combined company achieves Earnout Revenue of $11,864,000 for the
fiscal year ended December 31, 2024, and one-quarter of the Earnout Shares would be issued to Profusa stockholders if the combined company
achieves Earnout Revenue of $99,702,000 for the fiscal year ended December 31, 2025. Amendment No. 1 also clarified the exercise price
of certain the Company Warrants. 

On January 12, 2024, the parties to the Merger Agreement entered
into an Amendment No. 2 to the Merger Agreement (“Amendment No. 2”) pursuant to which the parties agreed to revise the definition
of “Milestone Event III” and such that the Earnout Revenue milestone of $11,864,000 for the fiscal year ended December 31,
2024, was replaced with a milestone of consummating the APAC Joint Venture and receipt of the related funding (as described elsewhere
in this proxy statement/prospectus) during the fiscal year ended December 31, 2024.

On March 4, 2024, the parties to the Merger Agreement entered
into an Amendment No. 3 to the Merger Agreement (“Amendment No. 3”) pursuant to which the parties agreed to revise
the Company Reference Value to adjust for financing proceeds and debt conversions that could be received by Profusa prior to the Business
Combination

On February 11, 2025, the parties to the Merger
Agreement entered into an Amendment No. 4 to the Merger Agreement (“Amendment No. 4”) pursuant to which the parties agreed
to revise the Company Reference Value to adjust for financing proceeds received by Profusa prior to the Business Combination, along with