Company: PFSA
Filing Date: 2025-02-12
Form Type: S-4/A
Source: 0001213900-25-012354
Chunk: 923

Company: Profusa, Inc.
Filing Date: 2025-02-12
Form: S-4/A
Chunk 923
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 3.875 million shares of the Company’s common stock (the “Earn Out Shares”). We have determined the Purchase price as the sum of (a) the Initial Shares multiplied by the Parent Per Share Value plus (b) the discounted fair market value of the Earn Out. Based on the fact that the Company is only recently formed, has no operating history, has no assets other than cash and its rights under the letter of intent dated June 10, 2022 (the “LOI”), and that its securities are thinly traded, we have assumed, with your approval, that the fair value of each of shares of Common Stock to be issued in the Transaction (whether at the Closing or pursuant to the exercise of Surviving Company Options) is equivalent to the Parent Per Share Value, which we understand to be the estimated redemption price for the Company’s common stock, and we have not performed any separate analysis regarding the fair value of the Transaction Shares. 350 Fifth Avenue, Suite 4100, New York, NY 10118 212.425.4300 • 212.344.9731 fax•www.marshall-stevens.com

Annex F-1 The Board of Directors of NorthView Acquisition Corp. October 17, 2022 Page 2 We understand that in connection with the Transaction, certain employees of Profusa may enter into employment agreements with the surviving entity, and that certain equity the Company may be reserved for issuance pursuant to stock bonus arrangements. Our Opinion will not address the fairness of such agreements or stock bonus arrangements. We further understand that in connection with the Transaction, the Company may make commitments with respect to the future financing or funding of the Acquired Business. Our Opinion will assign no value to such future financing or funding commitments or obligations. In addition, we understand that the Transaction contemplates certain changes in the rights, privileges, and preferences of the holders of the Company’s shares and certain changes in the composition of the Company’s management and board of directors. We have done no analysis of and express no opinion as to the fairness of such changes in rights, privileges, and preferences and/or in the changes to the composition of the Company’s management and board of directors. We express no opinion as to the fairness of any fees, compensation or consideration paid to any person (other than the fairness from a financial point of view of the Purchase Price to the Company) or the fairness of any transaction costs or the allocation thereof. We have been asked to advise the Board to the fairness, from a financial point