Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 53

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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 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 second amended 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.

Nasdaq Delisting

On December 20, 2024, the Company received a
written notice from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market that the Company’s securities would
be delisted from The Nasdaq Stock Market by reason of the failure of the Company to complete its initial business combination by December
20, 2024 (36 months from the effectiveness of its IPO registration statement) as required by Listing Rule IM-5101-2. Accordingly, trading
in the Company’s Common Stock, Rights and Warrants was suspended at the opening of business on December 27, 2024 and a Form 25-NSE
was filed by Nasdaq with the Securities and Exchange Commission, which removed the Company’s securities from on the Nasdaq Stock
Market. The Company’s Common Stock, Rights and Warrants began to be quoted its on the Pink Markets operated on The OTC Market systems
(“OTC Market”) under the symbols “NVAC,” “NVACR” and “NVACW.”

Use of Funds Restricted for Payment of Taxes

From inception to date, we have withdrawn a
total of $1,484,158 of interest from the Trust Account of which $1,452,546 was paid for franchise and income taxes. Of the aggregate
withdrawals, $31,612 was restricted for the payment of our income taxes. We utilized $13,162 of these withdrawals towards funding
operating expenses, as well as the monthly extension deposits. As of March 31, 2025, we have restricted cash of $18,450. We intend
to deposit $13,162