Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 91

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 8
Chunk 91
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 be released to the Company to pay taxes, except as to any claims by a third party who executed a waiver of any and all rights
to seek access to the Trust Account and except as to any claims under indemnity of the underwriters of the IPO against certain liabilities,
including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against
a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims.

Nasdaq Delisting Notification

On December 20, 2024, the Company received a
written notice from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market that the Company’s securities would
be delisted from The Nasdaq Stock Market by reason of the failure of the Company to complete its initial business combination by December
20, 2024 (36 months from the effectiveness of its IPO registration statement) as required by Listing Rule IM-5101-2. Accordingly, trading
in the Company’s Common Stock, Rights and Warrants was suspended at the opening of business on December 27, 2024 and a Form 25-NSE
was filed by Nasdaq with the Securities and Exchange Commission, which removed the Company’s securities from on the Nasdaq Stock
Market. The Company’s Common Stock, Rights and Warrants began to be quoted its on the Pink Markets operated on The OTC Market systems
(“OTC Market”) under the symbols “NVAC,” “NVACR” and “NVACW.”

Use of Funds Restricted for Payment of Taxes

From inception to date, the Company has
withdrawn a total of $1,484,158 of interest from the Trust Account of which $1,452,546 was paid for franchise and income taxes. Of
the aggregate withdrawals, $31,612 was restricted for the payment of the Company’s income taxes. The Company utilized $13,162
of these withdrawals towards funding operating expenses, as well as the monthly extension deposits. As of March 31, 2025, the
Company has restricted cash of $18,450. The Company intends to deposit $13,162 back into the Trust Account or use the $13,162 (or a
portion thereof) for tax obligations until a deposit is made into the trust on a future date.

8

Liquidity and Going Concern

As of March 31, 2025, the Company had $18,450
in restricted cash