Company: PFSA
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001213900-25-044417
Chunk: 281

Company: Profusa, Inc.
Filing Date: 2025-05-15
Form: 424B3
Chunk 281
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 securities do not purport to be appraisals or to reflect the prices at which businesses or securities actually may be sold. Accordingly, the estimates used in, and the results derived from, Marshall & Stevens’ analyses are inherently subject to substantial uncertainty. Marshall & Stevens was not requested to, and it did not, recommend the specific consideration payable in the merger, which consideration was determined between NorthView and Profusa, and the decision to enter into the Merger Agreement was solely that of NorthView’s Board. The M&S Opinion and financial analyses were only one of many factors considered by NorthView’s Board in its evaluation of the merger and should not be viewed as determinative of the views of NorthView’s Board or NorthView’s management with respect to the merger or the merger consideration. The following is a summary of the material financial analyses reviewed with NorthView’s Board in connection with the M&S Opinion. The financial analyses summarized below include information presented in tabular format. In order to fully understand Marshall & Stevens’ financial analyses, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses. Considering the data in the tables below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of Marshall & Stevens’ financial analyses. Fees Paid to Marshall & Stevens Marshall & Stevens was engaged on a fixed fee basis and their compensation was not contingent upon the completion of the transaction. Marshall & Stevens provided no additional services associated with the transaction and has provided no other services for the Sponsor. Prior Relationships Neither NorthView, Profusa nor any of their respective affiliates has or had during the past two years any material relationship with Marshall & Stevens, or its affiliates, and no relationship with Marshall & Stevens, or its affiliates, unrelated to the Business Combination is currently contemplated between the NorthView, Profusa, or any of their respective affiliates. Initial Financial Projections Using financial projections provided by Profusa’s management (the “Initial Projections”), as extended by Marshall & Stevens through 2031, Marshall & Stevens calculated the net present value of the unlevered, after -taxfree cash flows that Profusa’s business is forecasted to generate for the financial years 2022 through 2031, plus the present value of the terminal value of Profusa’s business in year 2031. Profusa does not as a matter of principle publicly disclose long -termforecasts or internal projections of its future performance, revenue