Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 11

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 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.

The Company agreed to waive its right to withdraw
up to $100,000 of interest from the Company’s trust account to pay dissolution expenses, should the Company ultimately liquidate
prior to a business combination (the “Dissolution Expense Waiver”). As a result, the Company will not be able to withdraw
up to $100,000 of interest for such dissolution expenses upon liquidation, and such interest will be held in the trust account and no
be released until the earliest to occur of (i) the completion of the initial business combination, (ii) the redemption of 100%
of the Offering Shares (as defined below) if the Company is unable to complete its initial Business Combination within the Extension,
and (iii) the redemption of Public Shares in connection with a vote seeking to amend the provisions of our Charter.

The Company also agreed to waive its right to
withdraw interest from the Company’s trust account to pay the Company’s tax expenses (the “Tax Expense Waiver”).
As a result, the Company will not be able to withdraw interest in order to pay future tax expenses, and such interest will be held in
the trust account and not be released until the earliest to occur of (i) the completion of the initial business combination, (ii) the
redemption of 100% of the Offering Shares (as defined below) if