Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 116

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 116
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 Note 9 for further details regarding this adoption.

Standards not yet Adopted

In December 2023, the FASB issued ASU No. 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require the Company to disclose
specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that
meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal,
state and foreign taxes, with further disaggregation required for significant individual jurisdictions. ASU 2023-09 will become effective
for annual periods beginning after December 15, 2024. The Company is still reviewing the impact of ASU 2023-09.

Management does not believe that any recently
issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s condensed
consolidated financial statements.

Note 3 – Initial Public Offering

Public Units

On December 22, 2021, the Company sold 18,975,000
Units, (which included 2,475,000 Units issued pursuant to the full exercise of the over-allotment option) at a purchase price of $10.00
per Unit. Each unit that the Company is offering has a price of $10.00 and consists of one share of common stock, one right, and one-half of
one redeemable warrant. Each right entitles the holder thereof to receive one-tenth (1/10) of one share of common stock upon the
consummation of an initial business combination. Each whole warrant entitles the holder thereof to purchase one share of common stock
at a price of $11.50 per share, subject to adjustment as described herein.

Public Warrants

Each whole warrant entitles the holder to purchase
one share of common stock at a price of $11.50 per share, subject to adjustment as discussed herein. In addition, if (x) the
Company issues additional shares of common stock or equity-linked securities for capital raising purposes in connection with the
closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per share of common stock
(with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any