Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 149

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 149
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 the exchange or conversion of all
outstanding Profusa Preferred Stock for shares of Profusa Common Stock and treating all vested in-the-money Profusa Convertible
Securities (including, on a net exercise basis, all vested qualified Profusa Options) as if such securities had been exercised as of immediately
prior to the Merger, but excluding all unvested Profusa Options) a number of shares of Common Stock equal to a conversion ratio of approximately
0.34. As a result, the Profusa Security Holders received an aggregate of 25,595,862 shares of newly issued Common Stock as Merger Consideration.

As an additional consideration,
each Profusa Stockholder is entitled to earn, on a pro rata basis, an aggregate of 3,875,000 shares of New Profusa’s common stock
(the “Milestone Earnout Shares”) during the respective earnout periods in equal ¼ installments upon achievement of
the following defined Milestone Events. The Milestone Earnout Shares will be placed in escrow and will be outstanding from and after the
Closing, subject to cancellation if the applicable price targets are not achieved. While in escrow, the shares will be non-voting.

The unaudited pro forma combined
financial information contained herein does not account for the assumption by New Profusa at the Closing of unvested Profusa Stock Options
or future issuances of shares of Common Stock upon exercise thereof. The unaudited pro forma combined financial information contained
herein does account for the subsequent execution of the ELOC Agreement and secondary tranche of PIPE funding.

After giving effect to the Business Combination transaction and the
issuance of the Merger Consideration described above, there are 111,250,017 shares of our Common Stock issued and outstanding.

2. Basis of Pro Forma Presentation

The unaudited pro forma condensed
combined balance sheet as of June 30, 2025 assumes that the Business Combination and related transactions occurred on June 30, 2025. The
unaudited pro forma condensed combined statements of operations for the six months ended June 30, 2025 and for the year ended December 31,
2024 presents pro forma effect to the Business Combination as if it had been completed on January 1, 2024.

The unaudited pro forma condensed
combined balance sheet as of June 30, 2025 has been prepared using, and should be read in conjunction with, the following:

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