Company: PFSA
Filing Date: 2025-02-18
Form Type: PRE 14A
Source: 0001213900-25-014919
Chunk: 20

Company: Profusa, Inc.
Filing Date: 2025-02-18
Form: PRE 14A
Chunk 20
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 December 20, 2024. This could have significant material adverse consequences on us and our securities, including that it will negatively impact our ability to complete a business combination, will limit investors’ ability to make transactions in our securities and could subject us to additional trading restrictions.

We currently have up until as late as March 22, 2025 to complete
an initial business combination. Nasdaq Listing Rule 5815, which was amended effective October 7, 2024, provides for the immediate
suspension and delisting upon issuance of a listing determination letter for failure to meet the requirement in Nasdaq Listing Rule IM
5101-2(b), curtailing the ability of the Nasdaq hearings panel to give special purpose acquisition companies (SPACs) more time to complete
an initial business combination beyond 36 months. Nasdaq Listing Rule IM 5101-2(b) requires a SPAC such as us to complete its initial
business combination within 36 months of the effectiveness of its IPO registration statement, which, in our case, was December 20,
2024.

As such, following December 20, 2024 (our 36-month anniversary),
we are no longer in compliance with Nasdaq listing rules. On December 20, 2024, we received a delisting determination letter from
Nasdaq. As a result, our securities were immediately suspended from trading and delisted from Nasdaq on December 27, 2024. Our securities
are currently traded on OTC Pink Markets.

In addition, in connection with any initial business combination, we
would be required to demonstrate compliance with the applicable exchange’s initial listing requirements, which are more rigorous
than the continued listing requirements, in order to continue to maintain the listing of our securities. We cannot assure you that we
will be able to meet those initial listing requirements at that time, particularly if we are no longer listed on a stock exchange.

Following the suspension and delisting of our securities from Nasdaq,
we and our securities are currently facing significant material adverse consequences, including:

| ● | being less attractive to potential business combination targets and therefore making it more difficult for us to complete an initial 
 business combination;                                                                                                                |

| ● | a decreased ability to issue additional securities or obtain additional financing in the future; |

| ● | a limited availability of market quotations for our securities, even if our securities were to be quoted on an over-the-counter market; |

| ● | reduced liquidity and demand for our securities;