Company: PFSA
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001213900-25-112723
Chunk: 43

Company: Profusa, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 outstanding immediately after giving effect to the issuance of all shares issuable upon conversion of the Initial
Note (the “Beneficial Ownership Limitation”); provided, that the PIPE Investors may increase or decrease the Beneficial Ownership
Limitation upon at least 61 days’ prior notice to us so long as such increase does not exceed 9.99% of the number of shares of our
Common Stock outstanding immediately after giving effect to the issuance of all shares issuable upon conversion of the Initial Note. On
August 1, 2025, pursuant to a Notice and Waiver, the Beneficial Ownership Limitation was increased from 4.99% to 9.99% and the Company
waived the requirement for the 60 days’ advance notice for such increase.

24

On August 25, 2025, the Company entered into Amendment No. 1 (the
“SPA Amendment”) to the PIPE Subscription Agreement. Pursuant to the SPA Amendment, Section 2.1 of the PIPE Subscription Agreement
was amended and restated to provide for four tranches of Notes: (i) an initial closing for Notes in an aggregate principal amount of $10,000,000
(the “First Tranche”), which already occurred on July 11, 2025; (ii) a second closing for Notes in an aggregate principal
amount of $2,222,222 (the “Second Tranche”) for a purchase price of $2,000,000, subject to the satisfaction of certain conditions
including the filing of a registration statement on Form S-1 covering all conversion shares and no Nasdaq listing deficiency; (iii) a
third closing for Notes in an aggregate principal amount of $5,555,556 (the “Third Tranche”) for a purchase price of $5,000,000,
subject to the satisfaction of certain conditions including the full conversion or repayment of the First Tranche, effectiveness of a
registration statement, no Nasdaq listing deficiency, and receipt of stockholder approval; and (iv) a fourth closing for Notes in an aggregate
principal amount of $4,444,444 (the “Fourth Tranche”) for a purchase price of $4,000,000, subject to the satisfaction of certain
conditions including the full repayment of the First and Second Tranches, at least fifty percent (50%) repayment or conversion of the
Third Tranche, effectiveness of a registration statement, and no Nasdaq listing deficiency. The SPA Amendment supersedes and replaces