Company: PFSA
Filing Date: 2025-05-09
Form Type: S-4/A
Source: 0001213900-25-041151
Chunk: 207

Company: Profusa, Inc.
Filing Date: 2025-05-09
Form: S-4/A
Chunk 207
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 the continued listing standards of Nasdaq and may depend on the number of our shares that are redeemed. If, after the Business Combination, Nasdaq delists New Profusa’s shares from trading on its exchange for failure to meet the listing standards, New Profusa and its stockholders could face significant negative consequences including: •limited availability of market quotations for New Profusa’s securities; •reduced liquidity for New Profusa’s securities; •a determination that New Profusa Common Stock is a “penny stock” which will require brokers trading in New Profusa Common Stock to adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading market for shares of New Profusa Common Stock; •a limited amount of analyst coverage; and •a decreased ability to issue additional securities or obtain additional financing in the future. The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as “covered securities.” If New Profusa’s securities were not listed on the Nasdaq, such securities would not qualify as covered securities and we would be subject to regulation in each state in which we offer our securities because states are not preempted from regulating the sale of securities that are not covered securities. Following the completion of the Business Combination, New Profusa will incur significant increased expenses and administrative burdens as a public company, which could negatively impact its business, financial condition and results of operations. Following the completion of the Business Combination, New Profusa will face increased legal, accounting, administrative and other costs and expenses as a public company that Profusa does not incur as a private company. For example, we will be subject to the reporting requirements of the Exchange Act, and will be required to comply with the applicable requirements of the Sarbanes -OxleyAct and the Dodd -FrankWall Street Reform and Consumer Protection Act, as well as rules and regulations of the SEC and Nasdaq, including the establishment and maintenance of effective disclosure and financial controls, changes in corporate governance practices and required filing of annual, quarterly and current reports with respect to our business and results of operations. Any failure to develop or maintain effective controls or any difficulties encountered in their implementation or improvement could harm our results of operations or cause us to fail to meet our reporting obligations. Compliance with public company requirements will increase costs and 94 make certain activities more time -consuming. A number of those requirements will require New Profusa to carry out activities Profusa