Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 361

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 361
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us to consummate our initial business combination or execute a mandatory liquidation and subsequent dissolution. In connection with the
Company’s assessment of going concern considerations in accordance with the authoritative guidance in Financial Accounting Standards
Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosure of Uncertainties About an Entity’s
Ability to Continue as a Going Concern,” management has determined that mandatory liquidation, and subsequent dissolution, should
the Company be unable to complete a business combination, raises substantial doubt about the Company’s ability to continue as a
going concern for the next twelve months from the issuance of these consolidated financial statements. No adjustments have been made
to the carrying amounts of assets and liabilities should the Company be required to liquidate after June 22, 2025.

Risks and Uncertainties

On August 16, 2022, the
Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other
things, a new U.S. federal 1% excise tax on certain repurchases of stock occurring on or after January 1, 2023, by publicly
traded U.S. domestic corporations, by certain U.S. domestic subsidiaries of publicly traded foreign corporations, by “covered
surrogate foreign corporations” (as defined in the IR Act) and by certain affiliates of the foregoing. The excise tax is imposed
on the repurchasing corporation itself, not its stockholders from which shares are repurchased. The amount of the excise tax is generally
1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax,
repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock
repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax.

Any redemption or other repurchase
that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the
excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension
vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in
connection with the Business Combination, extension or otherwise, (ii) the structure