Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 391

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 391
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 the
Company, to (i) hold the funds in the Company’s trust account uninvested or (ii) hold the funds in an interest-bearing bank demand
deposit account.

On
January 10, 2024, the Company’s Board of Directors approved, and the Company amended, its Convertible Working Capital Promissory
Note (the “Note”) with the sponsor to increase the principal amount of the Note that could be drawn on to $1.5 million.
The amended and restated Note also allows for the conversion of the outstanding principal balance of the Note to be repaid in shares
of Company common stock at a price of $2.22 per share at the election of the sponsor. On May 31, 2024, the Company’s Board of Directors
approved and the Company entered into a second amendment of its Convertible Working Capital Promissory Note with the sponsor to increase
the principal amount of the Note that could be drawn on to $2.5 million. The second amended and restated Note also allows for the
conversion of the outstanding principal balance of the Note to be repaid in shares of Company common stock at a price of $2.22 per
share at the election of the sponsor.

On
March 21, 2024, the Company held its 2024 Annual Meeting of Stockholders (the “Meeting”). At the meeting, the Company’s
stockholders approved the amendment of the Company’s amended and restated certificate of incorporation to extend the date by which
the Company must consummate a business combination or, if it fails to do so, cease its operations and redeem or repurchase 100% of the
shares of the Company’s common stock issued in the Company’s initial public offering, from March 22, 2024, monthly for up
to six additional months at the election of the Company and only upon contribution of $0.05 per month per outstanding public share, ultimately
until September 22, 2024.

In
connection with the meeting, the holders of 95,394 Public Shares properly exercised their right to redeem, with 5,931,825 shares
of Common Stock remaining outstanding after the Redemption; 738,075 shares of Common Stock remaining outstanding after the Redemption
are shares issued in connection with the initial public offering. Consequently, the contribution is $36,904 per month needed for
the Company to continue to extend the Combination Period monthly. On May 8, 2024