Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 196

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 196
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 time. We believe that the funds available to us outside of the trust account
will be sufficient to allow us to operate for at least the term of the combination period; however, we cannot assure you that our estimate
is accurate. Of the funds available to us, we could use a portion of the funds available to us to pay fees to consultants to assist us
with our search for a target business. We could also use a portion of the funds as a down payment or to fund a “no-shop” provision
(a provision in letters of intent designed to keep target businesses from “shopping” around for transactions with other companies
on terms more favorable to such target businesses) with respect to a particular proposed business combination, although we do not have
any current intention to do so. If we entered into a letter of intent where we paid for the right to receive exclusivity from a target
business and were subsequently required to forfeit such funds (whether as a result of our breach or otherwise), we might not have sufficient
funds to continue searching for, or conduct due diligence with respect to, a target business. If we are unable to complete our initial
business combination, our public stockholders may receive only approximately $10.10 per share on the liquidation of our trust account
and our rights and warrants will expire worthless.

If the net proceeds of our initial public offering
and the sale of the private placement warrants not being held in the trust account are insufficient, it could limit the amount available
to fund our search for a target business or businesses and complete our initial business combination and we will depend on loans from
our initial stockholders or management team to fund our search, to pay our taxes and to complete our business combination.

Of the net proceeds of our
initial public offering, the sale of the private placement warrants, and subsequent private financings, only approximately $16,204 as
of December 31, 2024 is available to us outside the trust account to fund our working capital requirements. If we are required to seek
additional capital, we would need to borrow funds from our initial stockholders, management team or other third parties to operate or
may be forced to liquidate. None of our initial stockholders, members of our management team or any of their affiliates is under any obligation
to advance funds to us in such circumstances. Any such advances would be repaid only from funds held outside the trust account or from
funds released to us upon completion of our initial business combination. Up to $