Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 246

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 246
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 Terms and Conditions with the Company and Profusa,
dated May 9, 2024.

On February 11, 2025, the parties entered into
Amendment No. 4 to the Merger Agreement pursuant to which the parties agreed to revise the Company Reference Value (as defined in the
Merger Agreement) to adjust for financing proceeds received by Profusa prior to the Business Combination, along with debt conversions
and incentive shares to be issued. Additionally, the Amendment (i) revised the definition of “Milestone Event III” such that
the parties extended the period for Profusa to consummate the APAC Joint Venture (as defined in the Merger Agreement) and receive the
related funding from December 31, 2024 until December 31, 2025, and (ii) revised the definition of “Milestone Event IV” to
change the earnout revenue target from $99,702,000 for the fiscal year ended December 31, 2025 to an earnout revenue target of $11,864,000
for the fiscal year ended December 31, 2026.

Extension
of Our 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
has 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