Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 1085

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 1085
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 a portion ($15,000) of the February extension contribution. On March 7, 2025, the Company deposited
the remainder of the February extension contribution of $19,376, plus interest.  
 On March 18, 2025, the company commenced a special
meeting of stockholders, which was adjourned until March 21, 2025 without conducting any business. On March 21, 2025, the Company reconvened
the meeting and the stockholders approved the extension of the business combination period until June 22, 2025. In connection with the
approval of the extension amendment, holders of 532,958 shares of the Company’s common stock exercised their right to
redeem, for an aggregate redemption amount of approximately $6.5 million, with 5,348,311 shares of common stock remaining outstanding
after the redemption; 154,561 shares of common stock remaining outstanding after the redemption are shares issued in connection with our
initial public offering. As a condition of the extension, the Company contributed $30,000 to the Trust Account, for the entire extension
period, on March 21, 2025. Additionally, the stockholders at the meeting approved the amendment of the Company’s charter to remove
the requirement that prevented the Company from redeeming public shares to the extent that it would cause the Company’s net tangible
assets to be less than $5,000,001 (the “NTA Requirement”), and our charter was amended on March 21, 2025 to reflect the extension
of the business combination and the removal of the NTA Requirement.

All of the Public Shares, or shares of our common
stock sold as part of the IPO, contain a redemption feature which allows for the redemption of such Public Shares in connection with our
liquidation, if there is a stockholder vote or tender offer in connection with our initial business combination and in connection with
certain amendments to our amended and restated certificate of incorporation. In accordance with SEC and its guidance on redeemable equity
instruments, which has been codified in ASC 480-10-S99, redemption provisions not solely within the control of a company require common
stock subject to redemption to be classified outside of permanent equity. Given that the Public Shares were issued with other freestanding
instruments (i.e., public warrants), the initial carrying value of common stock classified as temporary equity was the allocated proceeds
determined in accordance with ASC