Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 179

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 2
Chunk 179
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which may make more difficult and costly to complete a business combination. Further, this may make us a less attractive business combination
partner for companies with which we would otherwise seek to pursue a business combination. In addition, our securityholders could be prohibited
from trading in our securities absent our registration in the state where such securityholder lives. To date we have not registered our
securities in any State, and do not currently plan to do so. This may make it difficult or impossible for our securityholders to trade
in our securities.

33

Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds.

On December 22, 2021, we consummated our Initial
Public Offering of 18,975,000 Units, which included 2,475,000 Units issued pursuant to the full exercise of the over-allotment option
granted to the underwriters, generating gross proceeds of $189,750,000. I-Bankers Securities, Inc. and Dawson James Securities, Inc.
acted as joint book-running managers of the Initial Public Offering. The securities in the offering were registered under the Securities
Act on registration statements on Form S-1 (Nos. 333-257156 and 333-261763). The Securities and Exchange Commission declared
the registration statement effective on December 20, 2021.

Simultaneous with the consummation of the Initial
Public Offering, we consummated the private placement of an aggregate of 7,347,500 Private Placement Warrants to the Sponsor and I-Bankers
and Dawson James at a price of $1.00 per Private Placement Warrant, generating total proceeds of $7,347,500.

The Private Placement Warrants are identical
to the Warrants sold in the IPO except that the Private Placement Warrants: (i) are not redeemable by the Company and (ii) may be exercised
for cash or on a cashless basis, in each case so long as they are held by the initial purchasers or any of their permitted transferees.

We paid a total of $3,450,000 in underwriting
discounts and commissions and $609,623 for other costs and expenses related to the IPO. I-Bankers and Dawson James, representatives of
the several underwriters in the IPO, received a portion of the underwriting discounts and commissions related to the IPO. We also repaid
the promissory note to the Sponsor from the proceeds of the IPO