Company: PFSA
Filing Date: 2025-04-28
Form Type: S-4/A
Source: 0001213900-25-035718
Chunk: 468

Company: Profusa, Inc.
Filing Date: 2025-04-28
Form: S-4/A
Chunk 468
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usa, Inc. On February11, 2025, the parties to the Merger Agreement entered into Amendment No. 4 to the Merger Agreement (the “Amendment”) pursuant to which the parties agreed to revise the Company Reference Value (as defined in the Merger Agreement) to adjust for financing proceeds received by Profusa prior to the Business Combination, along 265 with debt conversions and incentive shares to be issued. Additionally, the Amendment (i) revised the definition of “Milestone Event III” such that the parties extended the period for Profusa to consummate the APAC Joint Venture (as defined in the Merger Agreement) and receive the related funding from December31, 2024 until December31, 2025, and (ii) revised the definition of “Milestone Event IV” to change the earnout revenue target from $99,702,000 for the fiscal year ended December31, 2025 to an earnout revenue target of $11,864,000 for the fiscal year ended December31, 2026. The Business Combination is expected to be accounted for as a reverse capitalization in accordance with GAAP. We expect to be deemed the accounting predecessor of the combined business, and New Profusa, Inc. (“New Profusa”) as the parent company of the combined business, will be the successor SEC registrant, meaning that our financial statements for previous periods will be disclosed in the registrant’s future periodic reports filed with the SEC. The Business Combination is expected to have a significant impact on our future capital structure and operating results, de -riskingour product development, manufacturing and commercialization. The most significant changes in New Profusa’s future reported financial positions are expected to be an estimated net increase in cash (as compared to our balance sheet at December31, 2024) of between approximately $13.0 million, assuming maximum shareholder redemptions permitted under the Merger Agreement, and $14.9 million, assuming no shareholder redemptions, including approximately $9.0 million in proceeds from the PIPE Investment to be consummated substantially simultaneously with the Business Combination. As the purchase of the Initial Note will be the only portion of the PIPE that is funded as of the Closing Date of the Business Combination, and the likelihood of the remaining PIPE Convertible Notes cannot be determined, only the Initial Note and related purchase price are reflected in the unaudited pro forma financial. See section entitled “ Unaudited Pro Forma Condensed Combined Balance Sheet As Of December 31