Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 648

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 648
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 Capital Promissory
Note (the “Note”) with the sponsor to increase the principal amount of the Note that could be drawn on to $1.5 million.
The amended and restated Note also allows for the conversion of the outstanding principal balance of the Note to be repaid in shares
of Company common stock at a price of $2.22 per share at the election of the sponsor.

On
May 31, 2024, the Company’s Board of Directors approved, and the Company second amended its Convertible Working Capital Promissory
Note with the sponsor to increase the principal amount of the Note that could be drawn on to $2.5 million. The second amended and
restated Note also allows for the conversion of the outstanding principal balance of the Note to be repaid in shares of Company common
stock at a price of $2.22 per share at the election of the sponsor.

Nasdaq
Delisting

On December 20, 2024, the Company received a written
notice from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market that the Company’s securities would be delisted
from The Nasdaq Stock Market by reason of the failure of the Company to complete its initial business combination by December 20, 2024
(36 months from the effectiveness of its IPO registration statement) as required by Listing Rule IM-5101-2. Accordingly, trading in the
Company’s Common Stock, Rights and Warrants was suspended at the opening of business on December 27, 2024 and a Form 25-NSE was
filed by Nasdaq with the Securities and Exchange Commission, which removed the Company’s securities from on the Nasdaq Stock Market.
The Company’s Common Stock, Rights and Warrants began to be quoted its on the Pink Markets operated on The OTC Market systems (“OTC
Market”) under the symbols “NVAC,” “NVACR” and “NVACW.” 

45

Results
of Operations

As
of December 31, 2024, we had not commenced any operations. All activity for the period from April 19, 2021 (inception) through December
31, 2024 relates to our formation and the Initial Public Offering, and, subsequent to the IPO, identifying a target company for a Business
Combination. We have neither engaged in any operations nor generated any operating revenues to date. We will not generate any operating
revenues until after the completion of