Company: PFSA
Filing Date: 2025-04-03
Form Type: S-4/A
Source: 0001213900-25-028544
Chunk: 284

Company: Profusa, Inc.
Filing Date: 2025-04-03
Form: S-4/A
Chunk 284
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 M&S Opinion. The financial analyses summarized below include information presented in tabular format. In order to fully understand Marshall & Stevens’ financial analyses, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses. Considering the data in the tables below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of Marshall & Stevens’ financial analyses. Fees Paid to Marshall & Stevens Marshall & Stevens was engaged on a fixed fee basis and their compensation was not contingent upon the completion of the transaction. Marshall & Stevens provided no additional services associated with the transaction and has provided no other services for the Sponsor. Prior Relationships Neither NorthView, Profusa nor any of their respective affiliates has or had during the past two years any material relationship with Marshall & Stevens, or its affiliates, and no relationship with Marshall & Stevens, or its affiliates, unrelated to the Business Combination is currently contemplated between the NorthView, Profusa, or any of their respective affiliates. Initial Financial Projections Using financial projections provided by Profusa’s management (the “Initial Projections”), as extended by Marshall & Stevens through 2031, Marshall & Stevens calculated the net present value of the unlevered, after -taxfree cash flows that Profusa’s business is forecasted to generate for the financial years 2022 through 2031, plus the present value of the terminal value of Profusa’s business in year 2031. Profusa does not as a matter of principle publicly disclose long -termforecasts or internal projections of its future performance, revenue, earnings, financial condition or other results, except when presenting to potential investors or partners. Through the course of the due diligence process with NorthView, Profusa management reviewed, updated, assessed and adjusted various assumptions which affected the Initial Projections. The Profusa forecasts contained herein were finalized as of end of October 2022 and have not been updated to reflect events after that date. Further, they were not prepared with a view toward public disclosure or with a view toward complying with GAAP, the published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information. In fact, the Profusa forecasts were prepared utilizing Profusa’s internal forecast approach and did not give deference to the impact of adoption or effectiveness of any new accounting pronouncements that may occur during the periods presented. Accordingly, none of Marcum LLP,