Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 711

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 711
---
 administrative service
fee was not paid and recorded as due to related party.

Advances
from Profusa

During
the year ending December 31, 2024, Profusa agreed to advance funds to the Company to pay for operating expenses. As of December 31, 2024,
there was $791,407 owed to Profusa, which is due upon demand or at the completion of the Business Combination.

Note
6 – Commitments and Contingencies

Registration
Rights

The
holders of the Founder Shares, the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital
Loans (and any underlying securities) are entitled to registration rights pursuant to a registration rights agreement signed on the
closing date of the IPO requiring the Company to register such securities for resale. The holders of these securities are entitled
to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have
certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of
the initial Business Combination. However, the registration rights agreement provides that the Company will not permit any
registration statement filed under the Securities Act to become effective until termination of the applicable Lock-up period
described in Note 5. The Company will bear the expenses incurred in connection with the filing of any such registration
statements.

Underwriters
Agreement

The
underwriters had a 30-day option from the date of IPO to purchase up to an additional 2,475,000 units to cover over-allotments,
if any. On December 22, 2021, the over-allotment was fully exercised.

The
underwriters received a cash underwriting discount of approximately 1.82% of the gross proceeds of the IPO, or $3,450,000.

Business
Combination Marketing Agreement

Under a Business Combination marketing agreement, the Company engaged
I-Bankers and Dawson James as advisors in connection with the Business Combination to assist the Company in holding meetings with the
stockholders to discuss the potential Business Combination and the target business’s attributes, introduce the Company to potential
investors that are interested in purchasing the Company’s securities in connection with the potential Business Combination, assist
the Company in obtaining stockholder approval for the Business Combination and assist the Company with its press releases and public filings
in connection with the Business Combination. The Company was obligated to pay I-Bankers and Dawson James a cash fee