Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 62

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 1
Chunk 62
---
 there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control
over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the most recent fiscal
quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting,
other than as described above.

32

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

Factors that could cause our actual results to
differ materially from those in this report include the risk factors described in our Form 10-K for the fiscal year ended December 31,
2024. As of the date of this Report, there have been no material changes to the risk factors disclosed in our Form 10-K for the year
ended December 31, 2024 filed with the SEC, other than those described below.

Nasdaq Rule 5815 was amended effective October 7, 2024 to provide
for the immediate suspension and delisting for failure to meet the 36-month requirement in Nasdaq Rule IM 5101-2(b) to complete a
business combination, and our securities have since been delisted from Nasdaq.

Nasdaq Listing Rule IM-5101-2(b) (the “Rule”), required
that we complete a business combination no later than 36 months after our IPO, and Nasdaq Rule 5815 was amended effective October 7, 2024
to provide for the immediate suspension and delisting for failure to meet the 36-month requirement to complete a business combination
within the timeframe specified by the Rule, and our securities will face an immediate suspension and delisting action once we receive
a delisting determination letter from Nasdaq after such 36-month window ends on December 20, 2024. Our securities were delisted from Nasdaq
on December 27, 2024, due to our failure to complete an initial business combination within the timeframe required under Nasdaq Rule IM-5101-2.
Our shares of Common Stock, public warrants and rights are currently quoted on OTC Pink. Upon consummation of the Business Combination,
the combined company’s shares of Common Stock and public warrants will be listed on the Nasdaq Capital Market under the symbols
“PFSA” and “PFSA