Company: PFSA
Filing Date: 2025-02-12
Form Type: S-4/A
Source: 0001213900-25-012354
Chunk: 295

Company: Profusa, Inc.
Filing Date: 2025-02-12
Form: S-4/A
Chunk 295
---
 785.00 |     | $     | 1,063.72 |     | $     | 1,258.48 |     | $     | 1,373.98 |     | $     | 1,442.68 |
| Updated Projections       |     |       |  N/A |     |       |  N/A |     | $     |  0.00 |     | $     |   0.00 |     | $     |  11.86 |     | $     |  99.70 |     | $     | 271.18 |     | $     |   485.19 |     | $     |   785.00 |     | $     | 1,063.72 |     | $     | 1,258.48 |

____________ (1)Profusa’s Initial Projections did not include forecasted revenue beyond 2028, however Marshall & Stevens applied a ramp -downin revenue growth for the years 2029 through 2031 before arriving at a terminal value. As the Updated Projections merely reflect a delay in consummating the Business Combination and raising additional capital that would be needed to support growth initiatives, NorthView’s Board did not request that Marshall & Stevens revise or update its fairness opinion to reflect the Updated Projections. As described above, NorthView’s board’s initial determination that the value of the consideration to be paid to Profusa shareholders did not rely on Marshall & Stevens’ fairness opinion, but rather NorthView’s board utilized its financial experience and past dealings, along with the valuation implied by Profusa’s most recent round of financing from sophisticated investors in conjunction with recent progress of Profusa’s Oxygen and Glucose monitoring systems with respect to regulatory approval in Europe and the United States. NorthView’s board determined that the changes reflected in the Updated Projections did not impact such factors considered by NorthView’s board. Further, consistent with NorthView’s analysis of the Initial Projections, NorthView’s board did not place significant reliance on the Updated Projections, but instead considered a variety of factors in determining whether to approve the Business Combination, as described below in the section titled “ — The NorthView Board’s Reasons for the Approval of the Business Combination.”

144 Enterprise Value Marshall & Stevens’ valuations were conducted on an “enterprise value” basis, which is defined as the market value of invested capital (i.e., equity, debt and preferred equity, if any), less cash. Discount