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

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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On December 21, 2023, the Company held a special
meeting of stockholders to vote on extending the Combination Period. As a result, the Company extended the Combination Period from December
22, 2023 to March 22, 2024. In connection with the extension, 140,663 shares of the Company’s common stock were redeemed, with
6,027,219 shares of Common Stock remaining outstanding after the Redemption; 833,469 shares of Common Stock remaining outstanding after
the Redemption are shares issued in connection with our IPO (the “Public Shares”). In January 2024, $1,565,078 was paid from
the Trust Account to redeeming stockholders in connection with the extension.

On January 2, 2024, the Company and Continental
Stock Transfer & Trust Company (“CST”) entered into Amendment No. 1 to Investment Management Trust Agreement, dated December
20, 2021, by and between the Company and CST, to allow CST, upon written instruction of the Company, to (i) hold the funds in the Company’s
trust account uninvested or (ii) hold the funds in an interest-bearing bank demand deposit account.

On January 10, 2024, the Company’s Board
of Directors approved, and the Company amended, its Convertible Working Capital Promissory Note (the “Note”) with the sponsor
to increase the principal amount of the Note that could be drawn on to $1.5 million. The amended and restated Note also allows for
the conversion of the outstanding principal balance of the Note to be repaid in shares of Company common stock at a price of $2.22 per
share at the election of the sponsor. On May 31, 2024, the Company’s Board of Directors approved and the Company entered into a
second amendment of its Convertible Working Capital Promissory Note with the sponsor to increase the principal amount of the Note that
could be drawn on to $2.5 million. The second amended and restated Note also allows for the conversion of the outstanding principal
balance of the Note to be repaid in shares of Company common stock at a price of $2.22 per share at the election of the sponsor.

On March 21, 2024, the Company held its 2024
Annual Meeting of Stockholders (the “Meeting”). At the meeting, the Company’s stockholders approved the amendment of
the Company’s amended