Company: PFSA
Filing Date: 2025-02-12
Form Type: S-4/A
Source: 0001213900-25-012354
Chunk: 378

Company: Profusa, Inc.
Filing Date: 2025-02-12
Form: S-4/A
Chunk 378
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 it being listed on The Nasdaq Stock Market (Rule 3a51 -1(a)(2)) (the “Exchange Rule”). Therefore, NorthView intends to rely on the Exchange Rule to not be deemed a penny stock issuer. Rule 419 blank check companies and “penny stock” issuers As disclosed in NorthView’s IPO prospectus, because the net proceeds of the IPO were to be used to complete an initial business combination with a target business that had not been selected at the time of the IPO, NorthView may be deemed to be a “blank check company.” Under Rule 419 of the Securities Act the term “blank check company” means a company that (i) is a development stage company that has no specific business plan or purpose or has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies, or other entity or person; and (ii) is issuing “penny stock,” as defined in Rule 3a51 -1under the Exchange Act. Rule 3a51 -1sets forth that that term “penny stock” shall mean any equity security, unless it fits within certain enumerated exclusions including the NTA Rule and the Exchange Rule. Historically, SPACs have relied upon the NTA Rule to avoid being deemed a penny stock issuer. Like many SPACs, NorthView included the NTA Requirement in its Charter, in order to ensure that through the consummation of its initial business combination, NorthView would not be considered a penny stock issuer and therefore not a blank check company if no other exemption from the rule was available. 204 Reliance on Rule 3a51-1(a)(2). The Exchange Rule excludes from the definition of “penny stock” a security that is registered, or approved for registration upon notice of issuance, on a national securities exchange, or is listed, or approved for listing upon notice of issuance on, an automated quotation system sponsored by a registered national securities association, that has established initial listing standards that meet or exceed the criteria set forth in the Exchange Rule. NorthView’s securities are listed on The Nasdaq Stock Market and have been so listed since the consummation of the IPO. NorthView believes that The Nasdaq Stock Market has initial listing standards that meet the criteria identified in the Exchange Rule and that it can therefore rely on the Exchange Rule to avoid being treated as a penny stock. Therefore, the NTA Requirement is unnecessary so long as NorthView meets the requirements of the Exchange Rule.