Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 707

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 707
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 maintain a current
prospectus relating to such shares of common stock until the warrants expire or are redeemed. Notwithstanding the foregoing, if a registration
statement covering the shares of common stock issuable upon exercise of the warrants is not effective within the above specified period
following the consummation of the initial Business Combination, warrant holders may, until such time as there is an effective registration
statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants
on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act of 1933, as amended, or the Securities
Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to
exercise their warrants on a cashless basis.

F-15

Redemption
of Warrants

Once
the warrants become exercisable, the Company may redeem the outstanding warrants:

●in
whole and not in part;

●at
a price of $0.01 per warrant;

●upon
a minimum of 30 days’ prior written notice of redemption (the “30-day redemption period”);

●if,
and only if, the last sale price of the common stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day
period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders.

If
the Company calls the warrants for redemption as described above, management will have the option to require all holders that wish to
exercise warrants to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants
on a “cashless basis,” management will consider, among other factors, the Company’s cash position, the number of warrants
that are outstanding and the dilutive effect on the stockholders of issuing the maximum number of shares of common stock issuable upon
the exercise of the warrants. In such event, each holder would pay the exercise price by surrendering the warrants for that number of
shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying
the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined
below) by (y) the fair market value. The “fair market value” shall mean the