Company: PFSA
Filing Date: 2025-04-03
Form Type: S-4/A
Source: 0001213900-25-028544
Chunk: 215

Company: Profusa, Inc.
Filing Date: 2025-04-03
Form: S-4/A
Chunk 215
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 6.2% upon the issuance of the Earnout Shares and 4.5% upon the issuance of New Profusa Common Stock underlying all the issued and outstanding NorthView Warrants. Consequently, NorthView’s stockholders, as a group, will have reduced ownership and voting power in the combined company compared to their ownership and voting power in NorthView. NorthView Public Stockholders who redeem their public shares may continue to hold the Public Warrants, which will result in additional dilution to non-redeeming NorthView Public Stockholders upon exercise. Assuming that all the redeeming NorthView Public Stockholders continue to hold their NorthView Public Warrants, an aggregate of 9,487,500 Profusa Warrants would be retained by these shareholders. Assuming that 154,561 NorthView public shares are redeemed for an aggregate payment of approximately $1.9 million from the Trust Account subsequent to the March 2025 redemptions, which is the maximum amount of redemptions that could occur, the NorthView Warrants held by persons whose shares were redeemed (assuming the holder of such share also held one -halfof a NorthView Warrant) would have had an aggregate market value of approximately $[ ] million based on the closing NorthView Warrant price of $[ ] as of [ ]. The actual market price of the NorthView Warrants may be higher or lower on the date that holders seek to sell such NorthView Warrants. As a result, the redeeming NorthView Public Stockholders could recoup their entire investment and continue to hold Profusa Warrants, while non -redeemingNorthView Public Stockholders could suffer additional dilution in their percentage ownership and voting interest of the combined company upon exercise of the NorthView Warrants held by redeeming NorthView Public Stockholders. Further, while the level of redemptions of public shares will not 99 directly change the value of the NorthView Warrants because the warrants will remain outstanding regardless of the level of redemptions, as redemptions of public shares increase, a holder of NorthView Warrants who exercises such NorthView Warrants will ultimately own a greater interest in Profusa because there would be fewer shares outstanding overall. After the completion of the Business Combination, NorthView’s stockholders will own a smaller percentage of the combined company than they currently own in NorthView. At the Closing, assuming no holder of NorthView Common Stock exercises redemption rights as described in this proxy statement/prospectus, existing Profusa shareholders will hold approximately 47