Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 9

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 Company and Continental
Stock Transfer & Trust Company (“CST”) entered into Amendment No. 1 to Investment Management Trust Agreement, dated December
20, 2021, by and between the Company and CST, to allow CST, upon written instruction of the Company, to (i) hold the funds in the Company’s
trust account uninvested or (ii) hold the funds in an interest-bearing bank demand deposit account.

On January 10, 2024, the Company’s Board
of Directors approved, and the Company amended, its Convertible Working Capital Promissory Note (the “Note”) with the sponsor
to increase the principal amount of the Note that could be drawn on to $1.5 million. The amended and restated Note also allows for
the conversion of the outstanding principal balance of the Note to be repaid in shares of Company common stock at a price of $2.22 per
share at the election of the sponsor. On May 31, 2024, the Company’s Board of Directors approved and the Company entered into a
second amendment of its Convertible Working Capital Promissory Note with the sponsor to increase the principal amount of the Note that
could be drawn on to $2.5 million. The second amended and restated Note also allows for the conversion of the outstanding principal
balance of the Note to be repaid in shares of Company common stock at a price of $2.22 per share at the election of the sponsor.

On March 21, 2024, the Company held its 2024
Annual Meeting of Stockholders (the “Meeting”). At the meeting, the Company’s stockholders approved the amendment of
the Company’s amended and restated certificate of incorporation to extend the date by which the Company must consummate a business
combination or, if it fails to do so, cease its operations and redeem or repurchase 100% of the shares of the Company’s common
stock issued in the Company’s initial public offering, from March 22, 2024, monthly for up to six additional months at the election
of the Company and only upon contribution of $0.05 per month per outstanding public share, ultimately until September 22, 2024.

In connection with the meeting, the holders of 95,394 Public
Shares properly exercised their right to redeem, with 5,931,825 shares of Common Stock remaining outstanding after the Redemption; 738,075
shares of Common Stock remaining outstanding