Company: PFSA
Filing Date: 2025-04-28
Form Type: S-4/A
Source: 0001213900-25-035718
Chunk: 281

Company: Profusa, Inc.
Filing Date: 2025-04-28
Form: S-4/A
Chunk 281
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 Event IV. Marshall & Stevens re -analyzedthe fair value of the earnout portion of the consideration given these modifications and concluded that such modifications had an immaterial impact on the fair value of the earnout, and had no impact on Marshall & Stevens’ conclusion of fairness. As the Updated Projections merely reflect a delay in consummating the Business Combination and raising additional capital that would be needed to support growth initiatives, NorthView’s Board did not request that Marshall & Stevens revise or update its fairness opinion to reflect the Updated Projections. As described above, NorthView’s board’s initial determination that the value of the consideration to be paid to Profusa shareholders did not rely 138 on Marshall & Stevens’ fairness opinion, but rather NorthView’s board utilized its financial experience and past dealings, along with the valuation implied by Profusa’s most recent round of financing from sophisticated investors in conjunction with recent progress of Profusa’s Oxygen and Glucose monitoring systems with respect to regulatory approval in Europe and the United States. NorthView’s board determined that the changes reflected in the Updated Projections did not impact such factors considered by NorthView’s board. The full text of the M&S Opinion, which sets forth, among other things, the assumptions made, matters considered and limitations on the scope of review undertaken by Marshall & Stevens in rendering its opinion, is attached as Annex Fand is incorporated into this proxy statement by reference in its entirety. Holders of NorthView Common Stock are encouraged to read this opinion carefully in its entirety. The M&S Opinion was provided to NorthView’s Board for their information in connection with their evaluation of the consideration to be received by NorthView in consideration of the issuance of its equity securities to the equity holders of Profusa in the merger and relates only to the fairness, from a financial point of view, of such consideration, does not address any other aspect of the merger and does not constitute a recommendation to any stockholder as to how such stockholder should vote or act with respect to any matters relating to the merger. The summary of the M&S Opinion in this proxy statement is qualified in its entirety by reference to the full text of the opinion. In arriving at its opinion, Marshall & Stevens: •reviewed a draft Merger Agreement; •reviewed certain operating and financial information relating to Profusa’s business and prospects, including financial statements for the four years ended December31, 2017 through 2020, internal financial records year to date ended December31, 2021, and projections for the years ending December