Company: PFSA
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001213900-25-044417
Chunk: 472

Company: Profusa, Inc.
Filing Date: 2025-05-15
Form: 424B3
Chunk 472
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 Senior Notes as of December31, 2024 (which terms include conversion into common stock of New Profusa in the event the Merger is consummated), or (ii) our common stock at a conversion price of $2.33 per share. Our outstanding PPP Loan of $1.4 million bears interest at 1% per annum. The repayment of the PPP Loan is expected to be made in equal monthly payments of principal and interest from October 25, 2022 until May 25, 2026; however, we are currently in the process of applying for forgiveness for this loan. This loan is currently in default due to non -payment. Our outstanding promissory notes (which are separate from our senior secured convertible notes, bridge notes, senior convertible notes and junior convertible notes) accrue interest at 5% or 12% per annum, and were issued to company founders and insiders. The majority of these promissory notes do not have a set maturity date and are payable on demand. Profusa has a verbal understanding with the holders of such notes that they will withhold from demanding repayment until a date to be agreed upon by the parties subsequent to the closing of the Business Combination. A minority of these promissory notes have fixed maturity dates that are past due, and such notes have not yet been repaid. Profusa also has a verbal understanding with the holders of those notes that it will repay them subsequent to the closing of the Business Combination on a date to be determined by the parties. As these loans will not be repaid at or prior to closing, Profusa has classified the entire outstanding amount of all these promissory notes as a current liability on the Consolidated Balance Sheet. 270

Additional funds may be necessary to maintain current operations and will be required for successful product commercialization efforts. Management plans to obtain additional funds as a result of the Business Combination and PIPE investment, issuance of additional equity or refinancing of current debt, which is intended to mitigate the relevant conditions or events that raise substantial doubt about our ability to continue as a going concern within one year from the date the audited consolidated financial statements as of and for the year ended December31, 2024 are issued. As the ability to refinance our current debt or raise additional equity financing is outside of management’s control, we cannot conclude that management’s plans will be effectively implemented within one year from the date the audited consolidated financial statements as of and for the year ended December31, 2024 are issued. These factors