Company: PFSA
Filing Date: 2025-05-13
Form Type: S-4/A
Source: 0001213900-25-042224
Chunk: 274

Company: Profusa, Inc.
Filing Date: 2025-05-13
Form: S-4/A
Chunk 274
---
Term Sheet for the $10 million ($9 million net of OID) Convertible Note and $150 million ELOC with Arena with the general terms as noted above. In subsequent discussions and due diligence, the Company considered the cash contributions from the APAC Joint Venture, cash that that could be generated through the trust or private placement investments and Profusa’s bridge loan and decided to terminate the $10 million Convertible Note discussions and instead consider a $2.0 million term loan (the “Term Loan”) from Arena with the $150 million ELOC. The Company and Arena had further discussions and it was determined that Arena could provide a $2 million, 6 -monthTerm Loan at 10% OID and 10% interest. On December 2, 2023, the Company made a Deal Deposit payment to Arena for legal and due diligence expense related to drafting the Term Loan and ELOC agreements. Discussions with Arena regarding the details of the definitive agreement and further due diligence continued. On December 6, 2023, the Company received draft term sheet for the $2.0 million Term Loan, however, following subsequent discussions, and in considering the cash contributions from the APAC Joint Venture, potential Trust Account proceeds, Profusa’s bridge loan and the potential conversion of the NorthView Working Capital Loan, the Company and Profusa decided to not execute the $2.0 million Term Loan and rather decided to revert to the previous $10 million ($9 million net of OID) Convertible Note and $150 million ELOC which included the following basic terms. The parties continued to draft and negotiate the definitive transaction documents and included discussions about the need of Arena to have security for the Convertible Note and the need to potentially have Tasly release a portion or all of their security in their loan to Profusa. This resulted in a potentially unresolvable problem in early February 2024. Through their relationship with HCW, Profusa and NorthView received notice on January 26, 2024 that Vellar would like to reengage in financing discussions, if it was not too late. Accordingly, HCW set up a Zoom meeting for January 29, 2024, with Vellar, NorthView and Profusa. HCW contacted over 100 potential investors, including Vellar, as part of their outreach for the private placement transaction. In the January 29, 2024 meeting, Vellar presented a draft non -bindingterm sheet whereby Vellar would purchase 320,000 private placement shares at a purchase price