Company: PFSA
Filing Date: 2025-05-09
Form Type: S-4/A
Source: 0001213900-25-041151
Chunk: 480

Company: Profusa, Inc.
Filing Date: 2025-05-09
Form: S-4/A
Chunk 480
---
 to repay the amounts under the Tasly Convertible Debt when they become due, the lender will have an option to convert the entire outstanding balance and accrued but unpaid interest (in part of in full) into either (i) senior unsecured promissory notes on substantially the same terms as the outstanding Senior Notes as of December31, 2024, or (ii) our common stock at a conversion price of $2.33 per share. Notwithstanding the conversion provisions above, any repayment obligations (in part or in full) of the outstanding principal balance and accrued but unpaid interest under the Tasly Convertible Debt may, at the lender’s option, be made through conversion of part or all amounts payable into (i) senior unsecured promissory notes on substantially the same terms as the outstanding Senior Notes as of December31, 2024 (which terms include conversion into common stock of New Profusa in the event the Merger is consummated), or (ii) our common stock at a conversion price of $2.33 per share. Our outstanding PPP Loan of $1.4 million bears interest at 1% per annum. The repayment of the PPP Loan is expected to be made in equal monthly payments of principal and interest from October 25, 2022 until May 25, 2026; however, we are currently in the process of applying for forgiveness for this loan. This loan is currently in default due to non -payment. Our outstanding promissory notes (which are separate from our senior secured convertible notes, bridge notes, senior convertible notes and junior convertible notes) accrue interest at 5% or 12% per annum, and were issued to company founders and insiders. The majority of these promissory notes do not have a set maturity date and are payable on demand. Profusa has a verbal understanding with the holders of such notes that they will withhold from demanding repayment until a date to be agreed upon by the parties subsequent to the closing of the Business Combination. A minority of these promissory notes have fixed maturity dates that are past due, and such notes have not yet been repaid. Profusa also has a verbal understanding with the holders of those notes that it will repay them subsequent to the closing of the Business Combination on a date to be determined by the parties. As these loans will not be repaid at or prior to closing, Profusa has classified the entire outstanding amount of all these promissory notes as a current liability on the Consolidated Balance Sheet. 270