Company: PFSA
Filing Date: 2025-05-13
Form Type: S-4/A
Source: 0001213900-25-042224
Chunk: 282

Company: Profusa, Inc.
Filing Date: 2025-05-13
Form: S-4/A
Chunk 282
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 31, 2022. On October 12, 2022, NorthView’s Board met to review the proposed merger. During this meeting, the NorthView Board reviewed Marshall & Stevens’ updated analysis, which did not change the conclusion of fairness that was presented by Marshall & Stevens on July 20, 2022. Marshall & Stevens opinion was confirmed by delivery of a written opinion, dated October 17, 2022 (the “M&S Opinion), to the effect that, as of October 17, 2022, and based on and subject to the matters described in the M&S Opinion, the purchase price being paid by NorthView for Profusa in the transaction was fair, from a financial point of view, to NorthView. The M&S Opinion was based upon a draft merger agreement dated October 3, 2022. Subsequent to the M&S Opinion and prior to the signing of the Merger Agreement on November 7, 2022, certain terms of the earnout were amended downward, notably the trigger points for Milestone Event III and Milestone Event IV. Marshall & Stevens re -analyzedthe fair value of the earnout portion of the consideration given these modifications and concluded that such modifications had an immaterial impact on the fair value of the earnout, and had no impact on Marshall & Stevens’ conclusion of fairness. As the Updated Projections merely reflect a delay in consummating the Business Combination and raising additional capital that would be needed to support growth initiatives, NorthView’s Board did not request that Marshall & Stevens revise or update its fairness opinion to reflect the Updated Projections. As described above, NorthView’s board’s initial determination that the value of the consideration to be paid to Profusa shareholders did not rely 138 on Marshall & Stevens’ fairness opinion, but rather NorthView’s board utilized its financial experience and past dealings, along with the valuation implied by Profusa’s most recent round of financing from sophisticated investors in conjunction with recent progress of Profusa’s Oxygen and Glucose monitoring systems with respect to regulatory approval in Europe and the United States. NorthView’s board determined that the changes reflected in the Updated Projections did not impact such factors considered by NorthView’s board. The full text of the M&S Opinion, which sets forth, among other things, the assumptions made, matters considered and limitations on the scope of review undertaken by Marshall & Stevens in rendering its opinion, is attached as Annex Fand is incorporated into this proxy statement by reference in its entirety. Holders of