Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 359

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 359
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 reductions in value of the trust assets, in each case net of the
amount of interest which may be released to the Company to pay taxes, except as to any claims by a third party who executed a waiver of
any and all rights to seek access to the Trust Account and except as to any claims under indemnity of the underwriters of the IPO against
certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable
against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims.

Nasdaq Delisting Notification

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 on the Pink Markets operated on The OTC Market
systems (“OTC Market”) under the symbols “NVAC,” “NVACR” and “NVACW.”

Liquidity and Going Concern

As of December 31, 2024,
the Company had $16,204 in cash and a working capital deficit of $12,254,024. Prior to the completion of the Company’s IPO, the
Company’s liquidity needs had been satisfied through a capital contribution from the Sponsor of $25,000 for the founder shares to
cover certain of the offering costs and the loan under an unsecured promissory note from the Sponsor of $204,841, which was fully paid
upon the IPO. Subsequent to the consummation of the Initial Public Offering and Private Placement, the Company’s liquidity
needs have been satisfied through the proceeds from the consummation of the Private Placement not held in the Trust Account, and the drawdowns
on the convertible promissory note.

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