Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 118

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 118
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for compliance under the 1940 Act and seek to conduct our business activities in a manner such that we do not fall within its definitions
of “investment company” or that we qualify under one of the exemptions or exclusions provided by the 1940 Act and corresponding
SEC regulations. If bitcoin is determined to constitute a security for purposes of the federal securities laws, we would take steps to
reduce the percentage of bitcoins that constitute investment assets under the 1940 Act. These steps may include, among others, selling
bitcoins that we might otherwise hold for the long term and deploying our cash in non-investment assets, and we may be forced to sell
our bitcoins at unattractive prices. We may also seek to acquire additional non-investment assets to maintain compliance with the 1940
Act, and we may need to incur debt, issue additional equity or enter into other financing arrangements that are not otherwise attractive
to our business. Any of these actions could have a material adverse effect on our results of operations and financial condition. Moreover,
we can make no assurance that we would successfully be able to take the necessary steps to avoid being deemed to be an investment company
in accordance with the safe harbor. If we were unsuccessful, and if bitcoin is determined to constitute a security for purposes of the
federal securities laws, then we would have to register as an investment company, and the additional regulatory restrictions imposed by
1940 Act could adversely affect the market price of bitcoin and in turn adversely affect the market price of our common stock.

We may be subject to regulatory developments related to crypto assets and crypto asset markets, which could adversely affect our business, financial condition, and results of operations.

As bitcoin and other digital
assets are relatively novel and the application of state and federal securities laws and other laws and regulations to digital assets
is unclear in certain respects, it is possible that regulators in the United States or foreign countries may interpret or apply
existing laws and regulations in a manner that adversely affects the price of bitcoin. The U.S. federal government, states, regulatory
agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions,
that could materially impact the price of bitcoin or the ability of individuals or institutions such as us to own or transfer bitcoin.
For examples, see “Risk Factors-Risks Related to Our Bitcoin Treasury Strategy and Holdings-Bitcoin and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty