Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 150

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 150
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 completion of the initial public
offering, our 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 initial public offering. Subsequent to the consummation of the initial public offering and private placement, our 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 all or any portion
of the unpaid principal balance of this Note into warrants, at a price of $1.00 per warrant. On January 10, 2024, the Company’s
Board of Directors approved, and the Company amended the Note to increase the principal amount of the Note that could be drawn on to
$1.5 million. The 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 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. The Company had principal outstanding of $1,919,796 and is presenting the Note
at fair value on its balance sheet at June