Company: PFSA
Filing Date: 2025-04-28
Form Type: S-4/A
Source: 0001213900-25-035718
Chunk: 273

Company: Profusa, Inc.
Filing Date: 2025-04-28
Form: S-4/A
Chunk 273
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 million Term Loan, however, following subsequent discussions, and in considering the cash contributions from the APAC Joint Venture, potential Trust Account proceeds, Profusa’s bridge loan and the potential conversion of the NorthView Working Capital Loan, the Company and Profusa decided to not execute the $2.0 million Term Loan and rather decided to revert to the previous $10 million ($9 million net of OID) Convertible Note and $150 million ELOC which included the following basic terms. The parties continued to draft and negotiate the definitive transaction documents and included discussions about the need of Arena to have security for the Convertible Note and the need to potentially have Tasly release a portion or all of their security in their loan to Profusa. This resulted in a potentially unresolvable problem in early February 2024. Through their relationship with HCW, Profusa and NorthView received notice on January 26, 2024 that Vellar would like to reengage in financing discussions, if it was not too late. Accordingly, HCW set up a Zoom meeting for January 29, 2024, with Vellar, NorthView and Profusa. HCW contacted over 100 potential investors, including Vellar, as part of their outreach for the private placement transaction. In the January 29, 2024 meeting, Vellar presented a draft non -bindingterm sheet whereby Vellar would purchase 320,000 private placement shares at a purchase price of $10.00 per share, in exchange for NorthView and Profusa causing an additional 2,400,000 Founder Shares to be transferred to Vellar. The Company informed Vellar that it would be seeking an up to $20 million private placement fundraise at $2.22 per share, and Vellar decided to consider the private placement offering and would evaluate NorthView and Profusa’s terms and respond. 134 After contemplating NorthView and Profusa’s term sheet, NorthView and Profusa received an email from HCW on February 5, 2024, describing an offering from Vellar and another investor to be determined by Vellar, whereby Vellar would lead a $4 million private placement purchase at $2.00 per share versus NorthView and Profusa’s $2.22 price per share, along with a 4,000,000share Forward Purchase Agreement (FPA), with a condition precedent that no other structured agreements, such as a Senior Convertible Note or Equity Line of Credit would be in place. It was also noted by management of Prof