Company: PFSA
Filing Date: 2025-05-09
Form Type: S-4/A
Source: 0001213900-25-041151
Chunk: 278

Company: Profusa, Inc.
Filing Date: 2025-05-09
Form: S-4/A
Chunk 278
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 continue its ongoing operations and that the financings provided a benefit to the transaction. In early August, Profusa negotiated terms with an anchor investor for a new Senior Secured Convertible Note, which had a conversion price of $0.50. On or about August 1, 2024, and subsequent to Profusa’s new Senior Secured Convertible Note, Profusa discussed with NorthView that there was an original bridge noteholder, who was frustrated with the delay in consummating the Merger and the improved terms of the new Senior Secured Convertible Note. Profusa suggested that the parties seek another investor to purchase the bridge note from the noteholder to relieve tensions in Profusa’s investor base. Both parties acknowledged that Profusa may be required to issue incentive shares to any investor who would consider buying out such noteholder. On January 8, 2025, Profusa and NorthView continued discussions regarding a potential amendment to the Merger Agreement to address Profusa’s updated projections and the additional merger consideration in connection with Profusa’s bridge financings. Additionally, the Outside Date of the Merger Agreement had passed, and the agreement was thus terminable without cause. Based on discussions with potential investors to purchase the bridge note from the noteholder, Profusa expected that it would need to issue shares equivalent to approximately 2.9 million shares of Merger Consideration to accommodate such a purchase and meet the investor’s conversion price requirements. Ascent Financing Background Following discussions between Jack Stover and an institutional investor, on July 3, 2024, the institutional investor presented a draft term sheet for the purchase up to $11.0 million of convertible promissory notes, which contemplated warrant coverage on the note purchase. Profusa, NorthView and their respective counsel reviewed such term sheets and discussions with the institutional investor continued through November of 2024. On November 13, 2024, Northview and Profusa met with a representative of Alliance Global Partners (“AGP”) to discuss Profusa and potential PIPE and working capital opportunities. Discussions ensued with AGP and on December 6, 2024, NorthView and AGP signed an engagement letter dated December 19, 2024. Pursuant to the engagement letter, AGP shall serve as the non -exclusiveplacement agent, advisor or underwriter in any public or private offering or financing of NorthView’s securities in connection with a proposed business combination transaction between NorthView and Profusa. Additionally, NorthView shall pay AGP