Company: PFSA
Filing Date: 2025-05-13
Form Type: S-4/A
Source: 0001213900-25-042224
Chunk: 277

Company: Profusa, Inc.
Filing Date: 2025-05-13
Form: S-4/A
Chunk 277
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 post -closing of the business combination. NorthView and Profusa evaluated Vellar’s position, the risk of JV funding at close and level of trust account redemptions. It was eventually determined that NorthView would like to explore other PIPE opportunities that would provide the proper level of cash at close to support Profusa’s operations and meet Nasdaq’s listing requirements. 135 On June 25, 2024 a meeting was held between NorthView, Profusa and Vellar, where NorthView and Profusa requested that Vellar allow them to explore PIPE opportunities, which would provide additional cash upon the closing of the business combination. In an email dated June 25, 2024, Vellar consented to NorthView and Profusa pursuing alternative funding and PIPE opportunities, reserving the right to approve any transaction considered. NorthView commenced discussions with other investors regarding various PIPE structures. In June 2024, NorthView received indicative terms from investors for a senior secured convertible note that would provide additional cash at the close of the business combination. On July 3, 2024, an institutional investor presented a term sheet for the purchase of convertible promissory notes, which contemplated warrant coverage on the note purchase. Profusa, NorthView and their respective counsel reviewed such term sheets and discussions with the institutional investor and discussions continued through January of 2025 (see “Ascent Financing Background”). On July 12, 2024, NorthView presented the institutional investor with an indicative term sheet for a senior secured note to Vellar and asked for their approval to move forward with a PIPE transaction with that structure. Vellar exercised its right to approve the transaction and allowed NorthView to move forward with investors that would provide a PIPE in the form of a senior secured convertible note. On September 24, 2024, a meeting was held between NorthView and Vellar. Vellar notified NorthView that it would be terminating the binding term sheet and on September 25, 2024, Vellar sent NorthView a termination letter thus terminating the Amended and Restated Binding Principal Terms and Conditions with NorthView and Profusa. In late July of 2024, Profusa and NorthView discussed that the closing of the Merger transaction was taking longer than expected, and that as a result, Profusa would need to raise additional bridge financing and working capital loans prior to the consummation of the Merger in order to fund its operations (For reference, the Profusa Bridge Loan was commenced in November 2023 and had a