Company: PFSA
Filing Date: 2025-04-03
Form Type: S-4/A
Source: 0001213900-25-028544
Chunk: 269

Company: Profusa, Inc.
Filing Date: 2025-04-03
Form: S-4/A
Chunk 269
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.3 million detachable warrants (reference price of $13 million) and 10% OID to be funded over multiple tranches at 10% interest; •1 sttranche $3 million of funding at the Closing of the Merger, less OID; •2 ndtranche $3 million, upon registration of the underlying securities; •3 rdtranche $10 million, subject to trading conditions and subject to investment committee approval; and •4 thtranche $10 million, subject to trading conditions and subject to investment committee approval. Atalaya, Profusa and NorthView proceed with due diligence and drafting definitive agreements however, the parties could not finalize a definitive agreement. After negotiating with Atalaya, and following various conversations with Benchmark and NorthView counsel, there were several matters that could not be resolved satisfactorily. The unresolved matters included the proposed size of $100 million for the convertible note was beyond the anticipated needs of the combined company and was expected to be too costly; the lack of clarity on available capital proceeds to be available at the time of Closing; the lack of certainty of funding of the 3 rdand 4 thtranches; and the proposed term of the proposed Redemption Recapture Agreement of seven years was determined to be too long for the combined company’s needs. The general inability to find a mutual resolution to these matters resulted in our decision not to proceed with further discussion of the transactions. HCW and I -Bankersidentified potential SPAC investors whose terms were reasonable and favorable to the specific de -SPACingplans and capital needs of NorthView and their target, Profusa. In July of 2023, HCW introduced NorthView and Profusa to Arena Investors, LP (“Arena”) as a potential source of financing for the Business Combination and an NDA was entered into. Profusa and Northview chose at that time to pursue a possible financing facility with Arena based on the NorthView and Profusa’s advisors’ previous experience and familiarity with Arena as an investor. On August 15, 2023, a representative of HCW reviewed Arena’s draft term sheets for a possible $10 million ($9 million net of OID) Convertible Note and an up to $150 million Equity Line of Credit (“ELOC”) with management of Profusa. On August 17, 2023, Profusa, NorthView, and representatives of HCW had a virtual meeting with representatives of Arena to better understand the proposed terms of both the draft Convertible Note as well as the draft ELOC