Company: PFSA
Filing Date: 2025-02-27
Form Type: PRER14A
Source: 0001213900-25-017608
Chunk: 21

Company: Profusa, Inc.
Filing Date: 2025-02-27
Form: PRER14A
Chunk 21
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 letter from
Nasdaq. As a result, our securities were immediately suspended from trading and delisted from Nasdaq on December 27, 2024. Our securities
are currently traded on OTC Pink Markets.

In addition, in connection with any initial business combination, we
would be required to demonstrate compliance with the applicable exchange’s initial listing requirements, which are more rigorous
than the continued listing requirements, in order to continue to maintain the listing of our securities. We cannot assure you that we
will be able to meet those initial listing requirements at that time, particularly if we are no longer listed on a stock exchange.

Following the suspension and delisting of our securities from Nasdaq,
we and our securities are currently facing significant material adverse consequences, including:

| ● | being less attractive to potential business combination targets and therefore making it more difficult for us to complete an initial 
 business combination;                                                                                                                |

| ● | a decreased ability to issue additional securities or obtain additional financing in the future; |

| ● | a limited availability of market quotations for our securities, even if our securities were to be quoted on an over-the-counter market; |

| ● | reduced liquidity and demand for our securities; |

| ● | determination that our shares of common stock are a “penny stock” which will require brokers trading in our shares of                   
 common stock to adhere to more stringent rules and could result in a further reduced level of trading activity in the secondary trading 
 market for our securities;                                                                                                              |

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| ● | greater difficulty and cost at being able to satisfy any applicable stock exchange’s initial listing requirements for the post-business combination 
 company;                                                                                                                                            |

| ● | our securities no longer qualifying as “covered securities” under the National Securities Markets Improvement Act of 1996                   
 (“NSMIA”), meaning that sales of our securities would be subject to regulation in each state in which that sale occurs, including           
 in connection with our initial business combination, which may negatively impact our ability to consummate our initial business combination 
 or to otherwise issue additional securities or obtain additional financing in the future and could negatively impact the ability of our     
 security holders to trade, and result in further reduced liquidity and demand for, our securities; and                                      |

| ● | a limited amount of news and analyst coverage. |

Additionally, pursuant to the Merger Agreement with Profusa, one of
the conditions to closing is the listing of our common stock and securities by Nasdaq and the satisfaction of initial listing requirements