Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 542

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 542
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 Private Placement described
below as well as additional issuances, if any, of our capital stock, debt or a combination of cash, stock and debt to complete the Business
Combination.

We
expect to incur significant costs in the pursuit of our initial Business Combination. We cannot assure you that our plans to raise capital
or to complete our initial Business Combination will be successful.

Recent
Developments

Proposed
Business Combination

On
November 7, 2022, NorthView entered into a Merger Agreement and Plan of Reorganization (the “Merger Agreement”), by and among
NorthView, NV Profusa Merger Sub Inc., a Delaware corporation and a direct, wholly-owned subsidiary of NorthView (“Merger Sub”),
and Profusa, Inc., a California corporation (“Profusa”).

The
Merger Agreement provides that, among other things, at the closing (the “Closing”) of the transactions contemplated by the
Merger Agreement, Merger Sub will merge with and into Profusa (the “Merger”), with Profusa surviving as a wholly-owned subsidiary
of NorthView. In connection with the Merger, NorthView will change its name to “Profusa, Inc.” The Merger and the other transactions
contemplated by the Merger Agreement are hereinafter referred to as the “Business Combination.”

The
Business Combination is subject to customary closing conditions, including the satisfaction of the minimum available cash condition of
$15,000,000, the receipt of certain governmental approvals and the required approval by the stockholders of NorthView and Profusa. There
is no assurance that the Business Combination will be completed.

The
aggregate consideration to be received by the Profusa stockholders is based on a pre-transaction equity value of $155,000,000. The exchange
ratio will be equal to (a) $155,000,000, divided by an assumed value of NorthView Common Stock of $10.00 per share.

42

Pursuant
to the Merger Agreement, subject to certain future revenue and stock-price based milestones, Profusa stockholders will have the right
to receive an aggregate of up to an additional 3,875,000 shares of NorthView Common Stock (the “Earnout Shares”). One-quarter
of the Earnout Shares will be issued if, between the 18-month anniversary and the two year anniversary of the Closing, the combined company’s
common stock achieves a daily volume weighted average market price of at least $12.