Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 124

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 124
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 Business Combination, I-Bankers was paid $900,000 and Dawson James was paid $600,000 under the Business Combination marketing
agreement. The payment of the remaining $500,000 has been deferred until after the Closing.

Non-Redemption Agreement

On May 8, 2025, the Company entered into a non-redemption agreement
(the “Non-Redemption Agreement”) with I-Bankers Securities, Inc. and Dawson James Securities, Inc. (together, the “Investors”),
pursuant to which such Investors agreed that to the extent that redemptions in connection with the vote to approve the Business Combination
reduces the Company’s trust account balance below $1.25 million, the Investors would offer such redeeming shareholders an
opportunity to rescind the redemption of their shares and would instead purchase such shares. Such purchases would be structured in compliance
with the requirements of Rule 14e-5 under the Exchange Act or would otherwise not constitute a tender offer pursuant
to the Exchange Act. As of the Closing Date, the Company’s trust account balance was not below $1.25 million.

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Representative’s Shares

On December 22, 2021, the Company issued 450,000 shares
(Representative Shares) of common stock (which included 37,500 Representative Shares issued pursuant to the full exercise of
the over-allotment option) at the consummation of the IPO to I-Bankers and Dawson James (and/or their designees). I-Bankers and
Dawson James (and/or their designees) have agreed not to transfer, assign or sell any such shares until the completion of the initial
Business Combination. In addition, I-Bankers and Dawson James (and/or their designees) have agreed (i) to waive their redemption
rights with respect to such shares in connection with the completion of the initial Business Combination and (ii) to waive their
rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete its initial Business
Combination within the Combination Period. The fair value of the Representative’s Shares issued are recognized as offering
costs directly attributable to the issuance of an equity contract to be classified in equity and are recorded as a reduction of equity
(see Note 1).

Representative’s Warrants

The Company granted to I