Company: PFSA
Filing Date: 2025-02-27
Form Type: PRER14A
Source: 0001213900-25-017608
Chunk: 40

Company: Profusa, Inc.
Filing Date: 2025-02-27
Form: PRER14A
Chunk 40
---
of (the
“Redemption Price”); provided, however, that the Corporation shall not redeem Offering Shares in an amount that
would cause the Corporation to have net tangible assets to be less than $5,000,001 (such limitation hereinafter called the “Redemption Limitation”) unless the Corporation is otherwise exempt from the provisions of Rule 419 promulgated under the Securities
Act of 1933, as amended. Notwithstanding anything to the contrary contained in this Amended and Restated Certificate, there
shall be no Redemption Rights or liquidating distributions with respect to any warrant issued pursuant to the Offering.”

The NTA Rule is one of several exclusions from the “penny
stock” rules of the SEC.

Rule 419 blank check companies and “penny stock” issuers

As disclosed in NorthView’s IPO prospectus, because the net proceeds
of the IPO were to be used to complete an initial business combination with a target business that had not been selected at the time of
the IPO, NorthView may be deemed to be a “blank check company.” Under Rule 419 of the Securities Act the term “blank
check company” means a company that (i) is a development stage company that has no specific business plan or purpose or has
indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies, or other entity or
person; and (ii) is issuing “penny stock,” as defined in Rule 3a51-1 under the Exchange Act. Rule 3a51-1
sets forth that that term “penny stock” shall mean any equity security, unless it fits within certain enumerated exclusions,
including the NTA Rule . Historically, SPACs have relied upon the NTA Rule to avoid being deemed a penny stock issuer. Like
many SPACs, NorthView included the NTA Requirement in its Charter, in order to ensure that through the consummation of its initial business
combination, NorthView would not be considered a penny stock issuer and therefore not a blank check company if no other exemption from
the rule was available.

<div align='center'>30</div>

If the NTA Amendment Proposal is Approved

If the NTA Amendment Proposal is approved, NorthView shall redeem NorthView’s
public shares as necessary and requested by such shareholders, irrespective of whether such redemptions exceed the Redemption Limitation.

NorthView’s securities were delisted from the Nasdaq Capital
Market