Company: PFSA
Filing Date: 2025-02-12
Form Type: S-4/A
Source: 0001213900-25-012354
Chunk: 458

Company: Profusa, Inc.
Filing Date: 2025-02-12
Form: S-4/A
Chunk 458
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 a conversion price of $1.92 per share. Notwithstanding the conversion provisions above, any repayment obligations (in part or in full) of the outstanding principal balance and accrued but unpaid interest under the Tasly Convertible Debt may, at the lender’s option, be made through conversion of part or all amounts payable into (i) senior unsecured promissory notes on substantially the same terms as the outstanding Senior Notes as of September 30, 2024 (which terms include conversion into common stock of New Profusa in the event the Merger is consummated), or (ii) our common stock at a conversion price of $1.92 per share. Our outstanding PPP Loan of $1.4 million bears interest at 1% per annum. The repayment of the PPP Loan is expected to be made in equal monthly payments of principal and interest from October 25, 2022 until May 25, 2026; however, we are currently in the process of applying for forgiveness for this loan. 260

Our outstanding promissory notes accrue interest at 5% and 12% per annum and do not have a set maturity date. Additional funds may be necessary to maintain current operations and will be required for successful product commercialization efforts. Management plans to obtain additional funds as a result of the Business Combination and PIPE investment, issuance of additional equity or refinancing of current debt, which is intended to mitigate the relevant conditions or events that raise substantial doubt about our ability to continue as a going concern within one year from the date the unaudited consolidated financial statements as of and for the nine months ended September 30, 2024 are issued. As the ability to refinance our current debt or raise additional equity financing is outside of management’s control, we cannot conclude that management’s plans will be effectively implemented within one year from the date the unaudited consolidated financial statements as of and for the nine months ended September 30, 2024 are issued. These factors raise substantial doubt about our ability to continue as a going concern within one year from the date the unaudited consolidated financial statements as of and for the nine months ended September 30, 2024 are issued. Long-Term Liquidity Requirements We expect our cash and cash equivalents on hand, and cash that we expect to receive from the Business Combination and PIPE Investment, together with the cash we expect to generate from future operations will provide sufficient funding to support initial commercial operations. The cash generated from the business combination is uncertain, however, as