Company: PFSA
Filing Date: 2025-02-12
Form Type: S-4/A
Source: 0001213900-25-012354
Chunk: 507

Company: Profusa, Inc.
Filing Date: 2025-02-12
Form: S-4/A
Chunk 507
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.) Business Combination) and (iv) the content of regulations and other guidance from the Treasury. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination. On March 22, 2023 and December 21, 2023, the Company’s stockholders redeemed 18,000,868and 140,663shares, respectively, for a total of $ 184,845,836and $ 1,565,078, respectively. On March 26, 2024, the Company’s stockholders redeemed 95,394shares for a total of $ 1,088,361. On September 30, 2024, the Company’s stockholders redeemed 50,556shares for a total of $ 595,439. The Company determined that an excise tax liability should be recorded due to the redeemed shares. As of September 30, 2024, the Company has a charge to stockholders’ deficit of $ 1,880,944of excise tax liability, including $ 16,838charged during the nine months ended September 30, 2024, calculated as 1% of the value of shares redeemed. On April 12, 2024, the Treasury released Proposed Regulations on the Excise Tax On Repurchase of Corporate Stock. In the Proposed Regulations the Treasury declined to adopt special rules for Special Purpose Acquisition Corporations. The Proposed Regulations do not exempt redemptions of stock pursuant to a mandatory redemption right or a unilateral holder put option. The Proposed Regulations clarify that a distribution pursuant to a plan of complete Liquidation is not a repurchase and thus generally not subject to the stock repurchase excise tax. On July 3, 2024, the Treasury issued final regulations with respect to the procedure and administration of the Excise Tax. These regulations provided that the filing and payment deadline for any liability incurred during the period from January 1, 2023 to December 31, 2023 would be October 31, 2024. As of September 30, 2024 and the date of this report, the excise tax was not paid and recorded as excise tax payable. The Company is currently evaluating its options with respect to this obligation, and it is planning to seek a postponement of the 2023 Excise tax payment and return filing deadline to February 3, 2025 based on the Hurricane Beryl relief announced in TX -2024