Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 83

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 83
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 the date and
size of our initial business combination, it is possible that at least 60% of our adjusted ordinary gross income may consist of PHC income
as discussed above. In addition, depending on the concentration of our stock in the hands of individuals, including the members of our
sponsor and certain tax exempt organizations, pension funds and charitable trusts, it is possible that more than 50% of our stock may
be owned or deemed owned (pursuant to the constructive ownership rules) by such persons during the last half of a taxable year. Thus,
no assurance can be given that we will not become a PHC in the future. If we are or were to become a PHC in a given taxable year, we would
be subject to an additional PHC tax, currently 20%, on our undistributed PHC income, which generally includes our taxable income, subject
to certain adjustments. 

Non-U.S. Holders may be subject to U.S. federal
income tax if we are considered a United States real property holding corporation.

A Non-U.S. Holder of our common
stock may be subject to U.S. federal income and/or withholding tax in the event we are considered a “United States real property
holding corporation” (“USRPHC”) for U.S. federal income tax purposes. In that event, Non-U.S. Holders of our common
stock could be subject to U.S. federal income or withholding tax, or both, in respect of certain distributions on, and payments in connection
with a sale, exchange, redemption, repurchase or other disposition of, our common stock. Certain Non-U.S. Holders may be eligible for
an exemption if they do not exceed certain ownership levels. Non-U.S. Holders are urged to consult their tax advisors with respect to
the U.S. federal income tax consequences of acquiring, owning and disposing of our common stock.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY 

We have no business operations.
Since our IPO, our sole business activity has been identifying and evaluating suitable acquisition transaction candidates. Therefore,
we have not adopted any cybersecurity risk management program or formal processes for assessing cybersecurity risk, which may make us
susceptible to heightened cybersecurity risk. Our board of directors is generally responsible for the oversight of risks from cybersecurity
threats, if there is any. We have not encountered any cybersecurity incidents since our IPO. 

ITEM 2.