Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 162

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 2
Chunk 162
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 assure you that our plans to raise capital or to complete our initial Business Combination
will be successful.

Recent Developments

Proposed Business Combination

On November 7, 2022, NorthView entered into a
Merger Agreement and Plan of Reorganization (the “Merger Agreement”), by and among NorthView, NV Profusa Merger Sub Inc.,
a Delaware corporation and a direct, wholly-owned subsidiary of NorthView (“Merger Sub”), and Profusa, Inc., a California
corporation (“Profusa”).

The Merger Agreement provides that, among other
things, at the closing (the “Closing”) of the transactions contemplated by the Merger Agreement, Merger Sub will merge with
and into Profusa (the “Merger”), with Profusa surviving as a wholly-owned subsidiary of NorthView. In connection with the
Merger, NorthView will change its name to “Profusa, Inc.” The Merger and the other transactions contemplated by the Merger
Agreement are hereinafter referred to as the “Business Combination.”

The Business Combination is subject to customary
closing conditions, including the satisfaction of the minimum available cash condition of $15,000,000, the receipt of certain governmental
approvals and the required approval by the stockholders of NorthView and Profusa. There is no assurance that the Business Combination
will be completed.

The aggregate consideration to be received by
the Profusa stockholders is based on a pre-transaction equity value of $155,000,000. The exchange ratio will be equal to (a) $155,000,000,
divided by an assumed value of NorthView Common Stock of $10.00 per share.

Pursuant to the Merger Agreement, subject to
certain future revenue and stock-price based milestones, Profusa stockholders will have the right to receive an aggregate of up to an
additional 3,875,000 shares of NorthView Common Stock (the “Earnout Shares”). One-quarter of the Earnout Shares will be issued
if, between the 18-month anniversary and the two year anniversary of the Closing, the combined company’s common stock achieves
a daily volume weighted average market price of at least $12.50 per share for any 20 trading days within a 30 consecutive trading day
period (“Milestone Event I”). One-quarter of the Earnout Shares will be issued if, between the first and second anniversary
of the Closing, the combined company’s common stock achieves a daily volume weighted