Company: PFSA
Filing Date: 2025-04-03
Form Type: S-4/A
Source: 0001213900-25-028544
Chunk: 332

Company: Profusa, Inc.
Filing Date: 2025-04-03
Form: S-4/A
Chunk 332
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 than as a corporate distribution) if the redemption (1) is “substantially disproportionate” with respect to the holder, (2) results in a “complete termination” of the holder’s interest in NorthView or (3) is “not essentially equivalent to a dividend” with respect to the holder. These tests are explained more fully below. In determining whether any of the foregoing tests result in a redemption qualifying for sale treatment, a holder takes into account not only shares of NorthView stock actually owned by the holder, but also shares of NorthView stock that are constructively owned by it under certain attribution rules set forth in the Code. A holder may constructively own, in addition to stock owned directly, stock owned by certain related individuals and entities in which the holder has an interest or that have an interest in such holder, as well as any stock that the holder has a right to acquire by exercise of an option, which would generally include NorthView Common Stock which could be acquired pursuant to the exercise of the private placement warrants or the public warrants. Moreover, any New Profusa Common Stock that a holder directly or constructively acquires pursuant to the Business Combination generally should be included in determining the U.S. federal income tax treatment of the redemption. In order to meet the substantially disproportionate test, the percentage of NorthView outstanding voting stock actually and constructively owned by the holder immediately following the redemption of shares of NorthView Common Stock must, among other requirements, be less than eighty percent (80%) of the percentage of NorthView outstanding voting stock actually and constructively owned by the holder immediately before the redemption (taking into account both redemptions by other holders of NorthView Common Stock and the New Profusa Common Stock to be issued pursuant to the Business Combination). There will be a complete termination of a holder’s interest if either (1) all of the shares of NorthView Common Stock actually and constructively owned by the holder are redeemed or (2) all of the shares of NorthView Common Stock actually owned by the holder are redeemed and the holder is eligible to waive, and effectively waives in accordance with specific rules, the attribution of stock owned by certain family members and the holder does not constructively own any other shares of NorthView Common Stock (including any stock constructively owned by the holder as a result of owning warrants). The redemption of NorthView Common Stock will not be essentially equivalent to a dividend if the redemption results in a “meaningful reduction” of the holder’s proportionate interest in us. Whether the redemption will result in