Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 32

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 Company to register
such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands, that
the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect
to registration statements filed subsequent to the completion of the initial Business Combination. However, the registration rights agreement
provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination
of the applicable Lock-up period described in Note 5. The Company will bear the expenses incurred in connection with the filing
of any such registration statements.

Underwriters Agreement

The underwriters had a 30-day option from
the date of IPO to purchase up to an additional 2,475,000 units to cover over-allotments, if any. On December 22, 2021, the
over-allotment was fully exercised.

The underwriters received a cash underwriting
discount of approximately 1.82% of the gross proceeds of the IPO, or $3,450,000.

Business Combination Marketing Agreement

Under a Business Combination marketing agreement,
the Company engaged I-Bankers and Dawson James as advisors in connection with the Business Combination to assist the Company in holding
meetings with the stockholders to discuss the potential Business Combination and the target business’s attributes, introduce the
Company to potential investors that are interested in purchasing the Company’s securities in connection with the potential Business
Combination, assist the Company in obtaining stockholder approval for the Business Combination and assist the Company with its press
releases and public filings in connection with the Business Combination. The Company was obligated to pay I-Bankers and Dawson James
a cash fee for such marketing services upon the consummation of the initial Business Combination in an amount of 3.68% of the gross
proceeds of the IPO, or $6,986,250. The agreement was amended on November 7, 2022 to allow for the 3.68% business combination fee to
be paid as (a) 27.5% cash and (b) 72.5% to be rolled into equity at closing. Subsequently, on January 19, 2025, the agreement was modified
by the parties such that the Company will be required to pay $2,000,000, payable in cash, if a business combination is consummated.

18

Representative’s Shares

On December 22