Company: PFSA
Filing Date: 2025-02-12
Form Type: S-4/A
Source: 0001213900-25-012354
Chunk: 270

Company: Profusa, Inc.
Filing Date: 2025-02-12
Form: S-4/A
Chunk 270
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 and limitations on the scope of review undertaken by Marshall & Stevens in rendering its opinion, is attached as Annex Fand is incorporated into this proxy statement by reference in its entirety. Holders of NorthView Common Stock are encouraged to read this opinion carefully in its entirety. The M&S Opinion was provided to NorthView’s Board for their information in connection with their evaluation of the consideration to be received by NorthView in consideration of the issuance of its equity securities to the equity holders of Profusa in the merger and relates only to the fairness, from a financial point of view, of such consideration, does not address any other aspect of the merger and does not constitute a recommendation to any stockholder as to how such stockholder should vote or act with respect to any matters relating to the merger. The summary of the M&S Opinion in this proxy statement is qualified in its entirety by reference to the full text of the opinion. In arriving at its opinion, Marshall & Stevens: •reviewed a draft Merger Agreement; •reviewed certain operating and financial information relating to Profusa’s business and prospects, including financial statements for the four years ended December31, 2017 through 2020, internal financial records year to date ended December31, 2021, and projections for the years ending December31, 2022 through December31, 2028, all as prepared and provided to Marshall & Stevens by Profusa’s management, with such projections further extended by Marshall & Stevens through the year ended December31, 2031; •spoke with certain members of Profusa’s management regarding Profusa’s operations, financial condition, future prospects and projected operations and performance and regarding the merger; •participated in discussions with the board and its counsel regarding Profusa’s projected financials results, among other matters; •reviewed certain business, financial and other information regarding Profusa that was furnished to it by Profusa through its management; •reviewed certain other publicly available financial data for certain companies that Marshall & Stevens deemed relevant for purposes of its analysis and publicly available transaction prices and premiums paid in other transactions that it deemed relevant for purposes of its analysis; •performed a discounted cash flow analysis based on the projected financial information provided by Profusa’s management; and •conducted such other financial studies, analyses and inquiries as it deemed appropriate. In connection with its review, Marshall & Stevens relied upon and assumed, without independent verification, the accuracy and completeness of all data, material and other information furnished or otherwise made available to it, discussed with or