Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 41

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 41
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 initial public offering
and the sale of the private placement warrants not being held in the trust account are insufficient, it could limit the amount available
to fund our search for a target business or businesses and complete our initial business combination and we will depend on loans from
our initial stockholders or management team to fund our search, to pay our taxes and to complete our business combination.

Of the net proceeds of our
initial public offering, the sale of the private placement warrants, and subsequent private financings, only approximately $16,204 as
of December 31, 2024 is available to us outside the trust account to fund our working capital requirements. If we are required to seek
additional capital, we would need to borrow funds from our initial stockholders, management team or other third parties to operate or
may be forced to liquidate. None of our initial stockholders, members of our management team or any of their affiliates is under any obligation
to advance funds to us in such circumstances. Any such advances would be repaid only from funds held outside the trust account or from
funds released to us upon completion of our initial business combination. Up to $1,500,000 of such working capital loans may be convertible
into private placement-equivalent warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical
to the private placement warrants, including as to exercise price, exercisability and exercise period of the underlying warrants. We do
not expect to seek loans from parties other than our initial stockholders or an affiliate of our initial stockholders as we do not believe
third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust
account. If we are unable to complete our initial business combination because we do not have sufficient funds available to us, we will
be forced to cease operations and liquidate the trust account. Consequently, our public stockholders may only receive approximately $10.10
per share on our redemption of our public shares, and our rights and warrants will expire worthless.

18

We may seek acquisition opportunities in companies
that may be outside of our management’s areas of expertise.

We will consider a business
combination outside of our management’s areas of expertise if a business combination candidate is presented to us and we determine
that such candidate offers an attractive acquisition opportunity for our company. In the event we elect to pursue an acquisition outside
of the areas of our management’s expertise