Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 59

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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 Stock remaining outstanding after such
redemptions.

27

On July 1, 2025, the Company filed an
amendment to its Certificate of Incorporation (the “Amendment”) 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 June 22, 2025 to August 22, 2025.
Previously, on June 27, 2025, the Company had filed a copy of the Amendment with a date that mistakenly referenced “July 22,
2025” rather than “August 22, 2025,” however such filing was corrected in connection with the filing of the
Amendment on July 1, 2025.

Promissory Note

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 second amended 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. The Company has deferred the repayment of the Note to six months after the Closing.

Nasdaq Delisting

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-510