Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 1087

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 1087
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 Notification

On December 20,
2024, the Company received a written notice from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market that the Company’s
securities would be delisted from The Nasdaq Stock Market by reason of the failure of the Company to complete its initial business combination
by December 20, 2024 (36 months from the effectiveness of its IPO registration statement) as required by Listing Rule IM-5101-2. Accordingly,
trading in the Company’s Common Stock, Rights and Warrants was suspended at the opening of business on December 27, 2024 and a
Form 25-NSE was filed by Nasdaq with the Securities and Exchange Commission, which removed the Company’s securities from on the
Nasdaq Stock Market. The Company’s Common Stock, Rights and Warrants began to be quoted its on the Pink Markets operated on The
OTC Market systems (“OTC Market”) under the symbols “NVAC,” “NVACR” and “NVACW.”

Liquidity
and Going Concern

As of December 31, 2024, the Company had $16,204 in cash and a
working capital deficit of $12,254,024. Prior to the completion of the Company’s IPO, the Company’s liquidity needs had been
satisfied through a capital contribution from the Sponsor of $25,000 for the founder shares to cover certain of the offering costs and
the loan under an unsecured promissory note from the Sponsor of $204,841, which was fully paid upon the IPO. Subsequent to the consummation
of the Initial Public Offering and Private Placement, the Company’s liquidity needs have been satisfied through the proceeds from
the consummation of the Private Placement not held in the Trust Account, and the drawdowns on the convertible promissory note.

In
order to finance transaction costs in connection with an intended Business Combination, the initial stockholders or an affiliate of the
initial stockholders or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working
Capital Loans (see Note 5).

On
April 27, 2023, the Company signed a Convertible Working Capital Promissory Note (“the Note”) with the Sponsor for $1,200,000.
The Note is non-interest bearing and is due the earlier of the consummation of a business combination or the date of liquidation. The
Sponsor may elect to convert