Company: PFSA
Filing Date: 2025-02-12
Form Type: S-4/A
Source: 0001213900-25-012354
Chunk: 335

Company: Profusa, Inc.
Filing Date: 2025-02-12
Form: S-4/A
Chunk 335
---
 the remaining cash on hand to be less than $15.0 million and additional shares of Profusa are required to be transferred, the parties will contribute an aggregate of up to 1,493,613shares and 802,299 of Profusa Investor shares for the No Redemption and Max Redemption scenarios respectively, which will yield an issue price of $4.00 per share. All of the transferred shares will be reimbursed to Profusa’s investors and the shares will be subject to registration. •The obligation of Profusa to consummate the Business Combination is subject to NorthView having cash on hand, inclusive of proceeds from certain permitted financings, of at least $15.0 million, after deducting any amounts paid to NorthView shareholders that exercise their redemption rights in connection with the Merger and net of certain transaction expenses incurred or subject to reimbursement by the Sponsor (the “Minimum Cash on Hand”). However, Profusa has conditionally waived the Minimum Cash Amount condition to closing, contingent on NorthView having sufficient funds to satisfy Nasdaq’s initial listing requirements as of the Closing. NorthView will have estimated $20.8 million cash on hand under No Redemption Scenario, and $16.5 million cash on hand under the Maximum Redemption Scenario, giving effect to the cash proceeds from PIPE transaction, after the deduction of reimbursements to the redeeming shareholders of NorthView and payment of applicable expenses. •Immediately prior to the consummation of the Merger with Profusa, NorthView will have estimated net tangible assets of $6.8 million and negative $2.5 million under the No Redemption Scenario and Maximum Redemption Scenario, respectively, after giving effect to the cash proceeds from PIPE transaction. Since neither Profusa nor NorthView have intangible assets, the net tangible assets are calculated as total assets less total liabilities. The Proposed Charter of New Profusa does not include a net tangible asset minimum requirement. For further information on the Proposed Charter, see the section entitled “ Proposal 8 — The NTA Requirement Amendment Proposal.” 171 Accounting for the Business Combination The Business Combination is expected to be accounted for as a reverse recapitalization, in accordance with GAAP. Under this method of accounting, NorthView is expected to be treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of New Profusa will represent a continuation of the financial statements of Profusa, with the Business Combination being treated as the equivalent of Profusa issuing stock for the net assets of NorthView, accompanied by a recap