Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 1039

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 1039
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 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
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.

44

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 and May 31, 2024, the Company made two deposits of $36,904
each for April and May extension contributions. On September 10, 2024, the Company made a deposit of $112,114, of which $110,174 was
for June, July and August extension contributions and $1,400 for lost interest due to late trust payments.

On
September 19, 2024, the Company held a special meeting of stockholders. At the meeting, the Company’s stockholders approved an
amendment to the Company’s amended and restated certificate of incorporation to extend the date by which the Company must consummate
its initial Business Combination to March 22, 2025. In connection with the approval of the extension amendment, holders of 50,556 shares
of the Company’s common stock exercised their right to redeem, with 5,881,269 shares of common stock remaining outstanding after
the redemption; 687,519 shares of common stock remaining outstanding after the redemption are shares issued in connection with our initial
public offering