Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 591

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 591
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 Note to be repaid in shares
of Company common stock at a price of $2.22 per share at the election of the sponsor. On May 31, 2024, the Company’s Board of Directors
approved and the Company entered into a second amendment of its Convertible Working Capital Promissory Note with the sponsor to increase
the principal amount of the Note that could be drawn on to $2.5 million. The second amended and restated Note also allows for the
conversion of the outstanding principal balance of the Note to be repaid in shares of Company common stock at a price of $2.22 per
share at the election of the sponsor.

On
March 21, 2024, the Company held its 2024 Annual Meeting of Stockholders (the “Meeting”). At the meeting, the Company’s
stockholders approved the amendment of the Company’s amended and restated certificate of incorporation to extend the date by which
the Company must consummate a business combination or, if it fails to do so, cease its operations and redeem or repurchase 100% of the
shares of the Company’s common stock issued in the Company’s initial public offering, from March 22, 2024, monthly for up
to six additional months at the election of the Company and only upon contribution of $0.05 per month per outstanding public share, ultimately
until September 22, 2024.

In
connection with the meeting, the holders of 95,394 Public Shares properly exercised their right to redeem, with 5,931,825 shares
of Common Stock remaining outstanding after the Redemption; 738,075 shares of Common Stock remaining outstanding after the Redemption
are shares issued in connection with the initial public offering. Consequently, the contribution is $36,904 per month needed for
the Company to continue to extend the Combination Period monthly. On May 8, 2024 and May 31, 2024, the Company made two deposits of $36,904
each for April and May extension contributions. On September 10, 2024, the Company made a deposit of $112,114, of which $110,714 was
for June, July and August extension contributions and $1,400 for lost interest due to late trust payments.

F-8

On September 19, 2024, the Company held an extraordinary
general meeting of stockholders (the “Meeting”). At the Meeting, the Company’s stockholders approved