Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 166

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 166
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 original
issue discount to the face amount (“OID”).

At the closing of our Business
Combination and pursuant to the PIPE Subscription Agreement, we issued a PIPE Convertible Note in the principal amount of $10,000,000
(the “Initial Note”) for a purchase price of $9,000,000, reflecting a 10% OID. The Initial Note matures on January 11,
2027, which is 18-months from Closing on July 11, 2025 (the “Maturity Date”) and is convertible at any time at the PIPE Investor’s
option at a conversion price equal to the lower of $10 or 95% of the lowest daily volume-weighted average price per share (“VWAP”)
of our Common Stock in the 10 trading days prior to the original issue date of the Initial Note and shall be adjusted, without limitation,
based on down-round and most-favored nation (MFN) price and terms protections (the “Conversion Price”).

The Initial Note includes a
“Minimum Interest Amount” equal to 10% of the principal amount, which represents a full year of interest payments under the
Initial Note; provided, that such Minimum Interest Amount shall be reduced by the amount of interest accrued on the principal amount of
the Initial Note. Interest shall accrue on the aggregate unconverted and then outstanding principal amount of the Initial Note at a rate
of 10% per annum, provided that the Minimum Interest Amount shall be fully earned and accrued on the original issue date of the Initial
Note. Upon an event of default, the interest rate shall be adjusted and increase to 24% per annum. Payments made in cash under the Initial
Note shall be subject to a 5% fee, which shall be in addition to any amounts owed thereunder. The Initial Note provides for certain events
of default that are typical for a transaction of this type, including, among other things, any breach of the representations or warranties
made by us and our subsidiaries. The Initial Note also provides for a 10% late fee in case of late payments and mandatory prepayments
upon Subsequent Offerings (as defined in the Initial Note) and, in the absence of an event of default, may be prepaid upon 10 business
days prior notice, subject to certain conversion rights of the PIPE Investors.

<div align='center'>94</div>

The Initial Note may not be
converted by the PIPE Investors into shares of our Common Stock if such conversion would result in the