Company: PFSA
Filing Date: 2025-05-13
Form Type: S-4/A
Source: 0001213900-25-042224
Chunk: 258

Company: Profusa, Inc.
Filing Date: 2025-05-13
Form: S-4/A
Chunk 258
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 growth initiatives, as were subsequently reviewed as described below. As was the case with respect to the initial financial projections, the management and board of NorthView relied less on the financial projections than the qualitative criteria discussed above for the reasons set forth at the beginning of this discussion, in pursuing the Business Combination. •On July20, 2022, Profusa provided revised financial projections, as well as a summary of management’s plan to accomplish such projections. NorthView’s management and board determined that the assumptions underlying the projections and management’s plan to accomplish such projections were reasonable after detailed review. The financial projections were provided to Marshall & Stevens, who in a report dated July20, 2022 determined that the range of implied value of Profusa, as of June20, 2022 was between $274 million and $399 million based upon the assumptions inherent in the projections and plan. Preliminary revenue earn -outtargets were based on Profusa’s fiscal 2023 and 2024 revenue projections of $5 million and $93 million respectively. •On October7, 2022, Profusa then provided additional revisions to the financial projections, which NorthView’s management and board found to be reasonable after detailed review on October12, 2022. The revised financial projections were provided to Marshall & Stevens, who in a report dated October12, 2022 determined that the range of implied value of Profusa, as of December31, 2022 was between $260 million and $331 million based upon the assumptions inherent in the projections and plan. Revised revenue earn -outtargets were based on Profusa’s fiscal 2023 and 2024 revenue projections of $5 million and $73 million, respectively. Management of Profusa and NorthView agreed early on that their mutual goal was to provide Profusa an entry into the public markets at an attractive initial valuation to accomplish their long -termcommercial goals. Pursuant to Amendment No. 1 to the Merger Agreement, the revenue earn -outtargets have been revised based on the Updated Projections, with fiscal 2024 and 2025 revenue projections of $11.9 million and $99.7 million, respectively. 125 •NorthView’s board and management noted that a $155 million valuation, as previously negotiated and included in the LOI, was below the range provided by Marshall & Stevens’ fairness opinion and would result in Profusa effectively raising capital in a “down round” when compared to Profusa’s most recent equity financing of $145 million in 201