Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 120

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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the “Lock-up”). Notwithstanding the foregoing, if the last sale price of the Company’s
common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the 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