Company: PFSA
Filing Date: 2025-10-08
Form Type: 8-K
Source: 0001213900-25-097141
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Company: Profusa, Inc.
Filing Date: 2025-10-08
Form: 8-K
Item: Item 1.01
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Item
1.01. Entry into a Material Definitive Agreement

As
previously disclosed, Profusa, Inc. (the “ Company”) entered into a Securities Purchase Agreement, dated February 11, 2025
(the “ Purchase Agreement”) with Ascent Partners Fund LLC (“ Ascent”) providing for the issuance and sale by the
Company to the Investor certain senior secured convertible promissory notes (each a “ Note” and collectively, the “ Notes”)
convertible into shares of common stock, par value $0.0001 per share (the “ Common Stock”). On August 25, 2025, the Company
entered into Amendment No. 1 (the “ SPA Amendment”) to the Purchase Agreement, which among other things, amended the Purchase
Agreement to provide for the following four tranches of Notes, subject to the satisfaction of certain conditions: (i) an initial closing
for Notes in an aggregate principal amount of $10,000,000 (the “ First Tranche”), which already occurred in July 11, 2025;
(ii) a second closing for Notes in an aggregate principal amount of $2,222,222 (the “ Second Tranche”) for a purchase price
of $2,000,000; (iii) a third closing for Notes in an aggregate principal amount of $5,555,556 (the “ Third Tranche”) for a
purchase price of $5,000,000, subject to the satisfaction of certain conditions including the full conversion or repayment of the First
Tranche, effectiveness of a registration statement, no Nasdaq listing deficiency, and receipt of stockholder approval; and (iv) a fourth
closing for Notes in an aggregate principal amount of $4,444,444 (the “ Fourth Tranche”) for a purchase price of $4,000,000,
subject to the satisfaction of certain conditions including the full repayment of the First and Second Tranches, at least fifty percent
(50%) repayment or conversion of the Third Tranche, effectiveness of a registration statement, and no Nasdaq listing deficiency.

In
connection with the closing of the Second Tranche, which occurred on September 30, 2025, the Company entered into an Account Control
Agreement (the “ Control Agreement”) with Ascent, BitGo Prime LLC (the “ Delegate”), and BitGo Trust Company, Inc.
(the “ Custodian”) governing the custody and control of the Company’s Bitcoin reserve which are pledged as collateral
to secure