Company: PFSA
Filing Date: 2025-05-09
Form Type: S-4/A
Source: 0001213900-25-041151
Chunk: 359

Company: Profusa, Inc.
Filing Date: 2025-05-09
Form: S-4/A
Chunk 359
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outs to the holders of the vested in -the-moneyProfusa Options will represent a modification of the respective awards, however, the results of such modification is expected to be immaterial. Because no terms of all other share -basedawards are modified upon consummation 185 of the Business Combination, no accounting impact for such outstanding awards is expected. Public and private warrants of NorthView are not expected to be modified as a result of the Business Combination, resulting in no accounting impact upon consummation of Business Combination. Although the accounting treatment for the APAC Joint Venture has not yet been finalized as the transaction will not close prior to the completion of the Company’s merger, management has completed the accounting analysis and has concluded that this joint venture will be treated as an equity method investment. There are no liabilities expected to be transferred to the joint venture entity; however, Profusa will be contributing an irrevocable, exclusive, perpetual, sub -licensableand assignable license in Asia Pacific to use, implement, develop and improve the Licensed Products to the new joint venture entity. The contributed License is expected to have a fair value of $10 million, and the Company will retain a 40% interest in the joint venture, while transferring 60% of the share capital to Tasly in return for $6 million to be paid to Profusa ($4.4 million in cash and the settlement of the prior $1.6 million loan provided to Profusa). The accounting for this specific transaction cannot be considered completed at this time, as one of the Conditions Precedent based on the execution of the license agreement include 1) the accomplishment of the registration or filing procedure to competent authorities of the Licensed IP regarding the License, and 2) the Company and the JV shall provide Tasly with a valuation report (the “Valuation Report”) in respect of the License issued by an independent third -partyvaluation firm recognized by Tasly and the Company. This valuation report prepared by a third party must be completed prior to closing on the agreement in order to validate the mutually agreed fair value of the license of $10million. Additionally, per the agreement, the closing is set to occur on the JV within 5 business days after each of the pre -closingconditions has been satisfied or duly waived by the Parties; one of which pre -closingconditions is Profusa completing their merger transaction. As such, upon closing the merger transaction, management believes that the Tasly APAC JV will have all closing conditions cleared within 30 days. The