Company: PFSA
Filing Date: 2025-05-13
Form Type: S-4/A
Source: 0001213900-25-042224
Chunk: 179

Company: Profusa, Inc.
Filing Date: 2025-05-13
Form: S-4/A
Chunk 179
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 additional financing in the future; •a limited availability of market quotations for our securities, even if our securities were to be quoted on an over -the-countermarket; •reduced liquidity and demand for our securities; •determination that our shares of common stock are a “penny stock” which will require brokers trading in our shares of common stock to adhere to more stringent rules and could result in a further reduced level of trading activity in the secondary trading market for our securities; •greater difficulty and cost at being able to satisfy any applicable stock exchange’s initial listing requirements for the post -businesscombination company; •our securities no longer qualifying as “covered securities” under the National Securities Markets Improvement Act of 1996 (“NSMIA”), meaning that sales of our securities would be subject to regulation in each state in which that sale occurs, including in connection with our initial business combination, which may negatively impact our ability to consummate our initial business combination or 78 to otherwise issue additional securities or obtain additional financing in the future and could negatively impact the ability of our security holders to trade, and result in further reduced liquidity and demand for, our securities; and •a limited amount of news and analyst coverage. Additionally, under the Merger Agreement, one of the conditions to Closing is the listing by Nasdaq of the New Profusa common stock and securities and satisfaction of initial and continued listing requirement. Following the delisting of our securities from the Nasdaq, New Profusa may face increased difficulties and uncertainties in meeting the initial and continued listing requirement of Nasdaq, such as the requirements as to the market value of unrestricted publicly held shares and market value of listed securities, and therefore face increased uncertainties as to its ability to successfully consummate the Business Combination. If NorthView is deemed to be an investment company for purposes of the Investment Company Act, NorthView would be required to institute burdensome compliance requirements and its activities could be severely restricted. As a result, if NorthView is so deemed to be an investment company, unless it can modify activities so as not to be deemed an investment company, NorthView may need to curtail or abandon its efforts to complete an initial Business Combination and instead commence liquidation. There is currently some uncertainty concerning the applicability of the Investment Company Act of 1940, as amended (the “Investment Company Act”) to a SPAC, including a company like NorthView. As a result, it is possible that a claim could be made that NorthView has been operating as an unregistered investment company. If North