Company: PFSA
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001213900-25-044417
Chunk: 251

Company: Profusa, Inc.
Filing Date: 2025-05-15
Form: 424B3
Chunk 251
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letter of intent, and determined that Company G was not able to commit to an acceptable timetable for the business combination process. Additionally, NorthView found that the company was early -stage, had limited management personnel, and was fully engaged in establishing product distribution outside of the United States, which were not favorable factors from NorthView’s perspective. •Company H: NorthView’s diligence findings indicated that Company H did not have PCAOB audited financial statements available and that its management, in our opinion, was not committed to expending the resources necessary to consummate a business combination. NorthView provided a non -exclusiveletter of intent dated October31, 2022 but never received a response from Company H. •Company I: Company I was introduced to NorthView by a broker -dealerknowledgeable in Company I’s industry. After completing its initial diligence, NorthView presented proposed terms for a non -exclusiveletter of intent to Company I’s management, however there was no further discussion or follow -upfrom Company I’s management. Background to Negotiation of Material Terms of the Profusa Transaction The terms regarding the valuation of Profusa were critical to NorthView’s decision to enter into the letter of intent on June 13, 2022, especially as the market for special purpose acquisition companies (“SPACs”) was changing and the environment for raising capital and closing “de -SPAC” transactions was worsening. In assessing the potential business combination, NorthView focused on a number of key qualitative criteria which it considered to be of far greater relevance than any financial projections prepared by Profusa because Profusa is an early -stagecompany and any financial projections would, as a consequence and in Northview’s view, be far less indicative of future operating results and Profusa’s current value than the financial projections of any mature operating company. The following were the key criteria evaluated and considered by NorthView’s management: •Profusa has been in existence for nearly ten years and raised a combination of equity and grant funding totaling nearly $100 million in aggregate. 124 •Several of Profusa’s investors were and are sophisticated venture investors who had invested in 2019 at a post -moneyvaluation of $145 million. •Subsequent to the investment made by sophisticated venture investors in 2019, Profusa had obtained the European regulatory approval of the Lumee Oxygen product and made significant progress toward obtaining FDA approval in the U.S. •With the advice of NorthView’s advisors, NorthView’s board determined that a valuation of $155 million was reasonable at the time