Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 1255

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 1255
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 December 31, 2022, in connection with a Business Combination, extension vote or otherwise,
may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business
Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions
and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii)
the nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued
not in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content
of regulations and other guidance from the Treasury. The foregoing could cause a reduction in the cash available on hand to complete
a Business Combination and in the Company’s ability to complete a Business Combination.

On March 22, 2023 and December 21, 2023, the Company’s
stockholders redeemed 18,000,868 and 140,663 shares, respectively, for a total of $184,845,836 and $1,565,078, respectively. On March
26, 2024, the Company’s stockholders redeemed 95,394 shares for a total of $1,088,361. On September 30, 2024, the Company’s
stockholders redeemed 50,556 shares for a total of $595,439. The Company determined that an excise tax liability should be recorded due
to the redeemed shares. As of December 31, 2024, the Company has a charge to stockholders’ deficit of $1,880,944 of excise tax liability,
including $16,838 charged during the year ended December 31, 2024, calculated as 1% of the value of shares redeemed.

On July 3, 2024, the Treasury issued final regulations
with respect to the procedure and administration of the Excise Tax. These regulations provided that the filing and payment deadline for
any liability incurred during the period from January 1, 2023 to December 31, 2023 would be October 31, 2024. As of December 31, 2024
and the date of this report, the excise tax was not paid and recorded as excise tax payable. Any amount of such Excise Tax not paid in