Company: PFSA
Filing Date: 2025-04-03
Form Type: S-4/A
Source: 0001213900-25-028544
Chunk: 271

Company: Profusa, Inc.
Filing Date: 2025-04-03
Form: S-4/A
Chunk 271
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 in cash as New Profusa does not anticipate filing a registration statement prior to the due date of the Commitment Fee. The Company then determined at the time that a $10 million Convertible Note, that could provide $9 million in near -termcash, and a $150 million ELOC to provide mid -termcash as needed, could be an appropriate cash management strategy. The Company also considered the appropriateness of a $3.5 million commitment fee for a $150 million ELOC over three years and determined the fee to be not outside of market conditions at the time. On September 11, 2023, the Company signed a non -bindingTerm Sheet for the $10 million ($9 million net of OID) Convertible Note and $150 million ELOC with Arena with the general terms as noted above. In subsequent discussions and due diligence, the Company considered the cash contributions from the APAC Joint Venture, cash that that could be generated through the trust or private placement investments and Profusa’s bridge loan and decided to terminate the $10 million Convertible Note discussions and instead consider a $2.0 million term loan (the “Term Loan”) from Arena with the $150 million ELOC. The Company and Arena had further discussions and it was determined that Arena could provide a $2 million, 6 -monthTerm Loan at 10% OID and 10% interest. On December 2, 2023, the Company made a Deal Deposit payment to Arena for legal and due diligence expense related to drafting the Term Loan and ELOC agreements. Discussions with Arena regarding the details of the definitive agreement and further due diligence continued. On December 6, 2023, the Company received draft term sheet for the $2.0 million Term Loan, however, following subsequent discussions, and in considering the cash contributions from the APAC Joint Venture, potential Trust Account proceeds, Profusa’s bridge loan and the potential conversion of the NorthView Working Capital Loan, the Company and Profusa decided to not execute the $2.0 million Term Loan and rather decided to revert to the previous $10 million ($9 million net of OID) Convertible Note and $150 million ELOC which included the following basic terms. The parties continued to draft and negotiate the definitive transaction documents and included discussions about the need of Arena to have security for the Convertible Note and the need to potentially have Tasly release a portion or all of their security in their loan to Profusa. This resulted in a potentially unresolvable problem in early February