Company: PFSA
Filing Date: 2025-05-09
Form Type: S-4/A
Source: 0001213900-25-041151
Chunk: 356

Company: Profusa, Inc.
Filing Date: 2025-05-09
Form: S-4/A
Chunk 356
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 “Minimum Cash on Hand”). However, Profusa has conditionally waived the Minimum Cash Amount condition to closing, contingent on NorthView having sufficient funds to satisfy Nasdaq’s initial listing requirements as of the Closing. NorthView will have estimated $9.1 million cash on hand under No Redemption Scenario, and $8.5 million cash on hand under the Maximum Redemption Scenario, giving effect to the cash proceeds from PIPE transaction, after the deduction of reimbursements to the redeeming shareholders of NorthView and payment of applicable expenses. •Immediately prior to the consummation of the Merger with Profusa, NorthView will have estimated net tangible assets of negative $9.5 million and negative $10.0 million under the No Redemption Scenario and Maximum Redemption Scenario, respectively, after giving effect to the cash proceeds from PIPE transaction. Since neither Profusa nor NorthView have intangible assets, the net tangible assets are calculated as total assets less total liabilities. The Proposed Charter of New Profusa does not include a net tangible asset minimum requirement. For further information on the Proposed Charter, see the section entitled “ Proposal 2 — The Charter Proposal.” Accounting for the Business Combination The Business Combination is expected to be accounted for as a reverse recapitalization, in accordance with GAAP. Under this method of accounting, NorthView is expected to be treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of New Profusa will represent a continuation of the financial statements of Profusa, with the Business Combination being treated as the equivalent of Profusa issuing stock for the net assets of NorthView, accompanied by a recapitalization whereby no goodwill or other intangible assets are recorded, net assets of NorthView being presented at historical costs. Operations prior to the Business Combination will be presented as those of Profusa. The unvested Milestone Earnout Rights, Sponsor Inducement Recoupment Earnout Rights and Profusa Inducement Recoupment Earnout Rights each represent a freestanding financial instrument because they are legally detachable from the shares of New Profusa that will be issued upon Merger, and (b) separately exercisable because their exercise conditions are separate and unrelated and exercise of each of the instruments does not terminate the other instruments. The issuance of the Milestone Earnout Rights, Sponsor Inducement Recoupment Earnout Rights and Profusa Inducement Recoupment Earnout Rights to the securityholders is not dependent on the securityholders’ employee or ex -employeestatus