Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 128

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 128
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”) with an institutional investor (the “Investor”).
Pursuant to the SPA, the Investor is expected, subject to the conditions relating to such purchase set forth in the SPA, to purchase
from the Company’s senior secured convertible promissory notes in an aggregate principal amount of up to $22,222,222 (the “Convertible
Notes”) for a purchase price of up to $20,000,000, after a 10% original issue discount (“OID”). As a result of the
Business Combination, pursuant to the SPA, the Company issued a Convertible Note in the principal amount of $10,000,000 (the “Initial
Note”) for a purchase price of $9,000,000, reflecting a 10% OID. The Initial Note matures on the date that is 18-months from the
closing of the Business Combination and is convertible at any time at the Investor’s option at a conversion price equal to the
lower of $10 or 95% of the lowest daily volume-weighted average price per share of the post-combination company common stock in the 10
trading days prior to the original issue date of the Initial Note and shall be adjusted, without limitation, based on down-round and
most-favored nation (MFN) price and terms protections (the “Conversion Price”).

The SPA contemplates that additional Convertible
Notes will be purchased in multiple tranches:

(i)Prior
to the one-year anniversary of the Initial Closing Date, subject to the conditions set forth in the SPA, the Company may request that
the Investor purchase additional Convertible Notes having an aggregate principal amount of up to $12,222,222 at a purchase price of $11,000,000
(reflecting a 10% OID), as follows:

(a)Provided
a registration statement has been filed for the shares underlying the Initial Note, shares of combined company common stock, par value
$0.0001 (“New Profusa Common Stock”) have traded a volume of at least 15,000,000 shares in the aggregate, and no default
or event of default has occurred, the Company may call and thereby require the Investor to purchase Convertible Notes in the aggregate
principal amount of $2,222,222 for a purchase price of $2,000,000 (reflecting a 10% OID) (“Second Purchase”);

(b)Provided
a registration statement is effective for the shares underlying the Initial Note, New Profusa