Company: PFSA
Filing Date: 2025-10-29
Form Type: 424B3
Source: 0001213900-25-103174
Chunk: 117

Company: Profusa, Inc.
Filing Date: 2025-10-29
Form: 424B3
Chunk 117
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 a digital wallet are lost, destroyed, or otherwise compromised and no backup of the private key(s) is
accessible, neither we nor our custodians will be able to access the bitcoin held in the related digital wallet. Furthermore, we cannot
provide assurance that our digital wallets, nor the digital wallets of our custodians held on our behalf, will not be compromised as a
result of a cyberattack. The bitcoin and blockchain ledger, as well as other digital assets and blockchain technologies, have been, and
may in the future be, subject to security breaches, cyberattacks, or other malicious activities.

Regulatory change reclassifying bitcoin as a security could lead to our classification as an “investment company” under the Investment Company Act of 1940, as amended, or the 1940 Act, and could adversely affect the market price of bitcoin and the market price of our common stock.

Under Sections 3(a)(1)(A) and
(C) of the 1940 Act, a company generally will be deemed to be an “investment company” for purposes of the 1940 Act if
(1) it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting
or trading in securities or (2) it engages, or proposes to engage, in the business of investing, reinvesting, owning, holding or
trading in securities and it owns or proposes to acquire investment securities having a value exceeding 40% of the value of its total
assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. We do not believe that we are an “investment
company,” as such term is defined in the 1940 Act, and are not registered as an “investment company” under the 1940
Act as of the date of this prospectus.

While senior SEC officials
have stated their view that bitcoin is not a “security” for purposes of the federal securities laws, a contrary determination
by the SEC could lead to our classification as an “investment company” under the 1940 Act, if the portion of our assets consists
of investments in bitcoins exceeds 40% safe harbor limits prescribed in the 1940 Act, which would subject us to significant additional
regulatory controls that could have a material adverse effect on our business and operations and may also require us to change the manner
in which we conduct our business.

We monitor our assets and income