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

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 424
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 30, 2025 and December 31, 2024, the Company had no borrowings under the Working
Capital Loans, other than the Note described in “Note 5 — Related Party Transactions — Convertible
Promissory Note — Related Party”.

Administrative Service Fee

Commencing on the effective
date of the IPO, the Company began paying its Sponsor a total of $5,000 per month for office space, utilities, secretarial support
and other administrative and consulting services. As of June 30, 2023, the Company and the Sponsor terminated this agreement. For
the three and six months ended June 30, 2025 and 2024, $0 had been incurred and billed relating to the administrative service
fee, respectively. As of June 30, 2025 and December 31, 2024, $50,000 relating to the administrative service fee was not paid
and recorded as due to related party.

Advances from Profusa

For the three and six months
ended June 30, 2025 and 2024, Profusa agreed to advance funds to the Company to pay for operating expenses. As of June 30, 2025
and December 31, 2024, there was $1,299,040 and $791,407, respectively owed to Profusa, which is due upon demand or at the completion
of the Business Combination.

Due to Related Party

As of June 30, 2025 and
December 31, 2024, $50,000 relating to the administrative service fee was not paid and recorded as due to related party. On February 24,
2025, the Company paid costs on behalf of its Sponsor which reduced the balance due by $8,820.

Note 6 — Commitments and Contingencies

Registration Rights

The holders of the Founder
Shares, the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans (and any underlying securities)
are entitled to registration rights pursuant to a registration rights agreement signed on the closing date of the IPO requiring the Company
to register such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form
demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights
with respect to registration statements filed subsequent to the completion of the initial Business Combination. However, the registration
rights agreement provides that the Company will