Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 30

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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(400)
  
    Public shares of NVAC 
     101,377 
  
    NVAC Founder Shares, outstanding prior the Business Combination 
     4,033,520 
  
    NVAC Representative Shares converted to Class A Common shares 
     450,000 
  
    NVAC Shares from Rights converted to Class A common shares 
     1,897,500 
  
    Business Combination shares 

    Profusa Shares 
     8,593,991 
  
    Issuance of shares in connection with PIPE 
     2,901,833 
  
    Conversion of notes into shares 
     14,782,446 
  
    Common Stock immediately after the Business Combination 
     32,760,667 

The number of Profusa Shares was determined as follows:

    Legacy
 Profusa
 Shares  
    Profusa
 Shares
 after
 conversion
 ratio 
  
    Preferred Stock 
     17,863,934  
     6,178,315 
  
    Class A Common Stock 
     5,604,651  
     2,415,676 
  
    Total 
     23,468,585  
     8,593,991 

Transaction costs

During the three and nine months ended September 30, 2025, based on
the proceeds received, the Company expensed $15.1 million for transaction costs incurred in connection with the Business Combination.
The transaction costs primarily represented fees incurred for financial advisory, legal and other professional services that were directly
related to the Business Combination.

Public and private placement warrants

The 9,487,500 warrants (the “Public Warrants”) issued in
Northview’s initial public offering (the “IPO”), 7,347,500 warrants issued in connection with private placement at the
time of the IPO (the “Private Placement Warrants”) and 569,250 warrants issued to the representative of the underwriters in
the IPO (the “Representative’s Warrants”) remained outstanding and became warrants for the Company. The Public Warrants
qualify for equity classification upon Closing, and were fair value adjusted with no future gains or losses on fair value adjustment being
recorded in future periods. The Private Placement Warrants and Representative’s Warrants contain provisions that preclude these
warrants from being indexed to the Company’s stock., the settlement amount depending on who holds the instrument, and the holder
is not an input to the fair value of