Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 1267

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 1267
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 5,175,000 shares of common stock, par value $0.0001 per share (the “Founder Shares”). In October 2021, the Sponsor irrevocably
surrendered to the Company for cancellation and for no consideration 862,500 shares of common stock. On December 20, 2021, the Company
effected a 1.1- for-1 stock dividend of its common stock, resulting in the Sponsor holding an aggregate of 4,743,750 shares of common
stock. The Founder Shares include an aggregate of up to 618,750 shares subject to forfeiture if the over-allotment option is not exercised
by the underwriters in full. On December 22, 2021, the over-allotment option was fully exercised and such shares are no longer subject
to forfeiture.

The
Sponsor has agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of: (A) one year after the
completion of the initial Business Combination or (B) the date on which the Company completes a liquidation, merger, stock exchange or
other similar transaction after the initial Business Combination that results in all of the Company’s public stockholders having
the right to exchange their shares of common stock for cash, securities or other property (the “Lock-up”). Notwithstanding
the foregoing, if the last sale price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after the initial Business Combination, the Founder Shares will be released from the Lock-up.

F-16

Convertible
Promissory Note – Related Party

On April 27, 2023, the Company signed a Convertible Working Capital
Promissory Note (“the Note”) with the Sponsor for $1,200,000. The Note is non-interest bearing and is due the earlier of the
consummation of a business combination or the date of liquidation. The Sponsor may elect to convert all or any portion of the unpaid principal
balance of this Note into warrants, at a price of $1.00 per warrant. On January 10, 2024, the Company’s Board of Directors approved,
and the Company amended the Note to increase the principal amount of the Note that could be drawn on to