Company: PFSA
Filing Date: 2025-04-28
Form Type: S-4/A
Source: 0001213900-25-035718
Chunk: 177

Company: Profusa, Inc.
Filing Date: 2025-04-28
Form: S-4/A
Chunk 177
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 IM 5101 -2(b), curtailing the ability of the Nasdaq hearings panel to give special purpose acquisition companies (SPACs) more time to complete an initial business combination beyond 36months. Nasdaq Listing Rule IM 5101 -2(b) requires a SPAC such as us to complete its initial business combination within 36months of the effectiveness of its IPO registration statement, which, in our case, was December20, 2024. As such, following December20, 2024 (our 36 -monthanniversary), we are no longer in compliance with Nasdaq listing rules. On December20, 2024, we received a delisting determination letter from Nasdaq. As a result, our securities were immediately suspended from trading and delisted from Nasdaq on December27, 2024. Our securities are currently traded on OTC Pink. In addition, in connection with any initial business combination, we would be required to demonstrate compliance with the applicable exchange’s initial listing requirements, which are more rigorous than the continued listing requirements, in order to list New Profusa’s securities on Nasdaq. We cannot assure you that we will be able to meet those initial listing requirements at that time, particularly if we are no longer listed on a stock exchange. Following the suspension and delisting of our securities from Nasdaq, we and our securities are currently facing significant material adverse consequences, including: •being less attractive to potential business combination targets and therefore making it more difficult for us to complete an initial business combination; •a decreased ability to issue additional securities or obtain additional financing in the future; •a limited availability of market quotations for our securities, even if our securities were to be quoted on an over -the-countermarket; •reduced liquidity and demand for our securities; •determination that our shares of common stock are a “penny stock” which will require brokers trading in our shares of common stock to adhere to more stringent rules and could result in a further reduced level of trading activity in the secondary trading market for our securities; •greater difficulty and cost at being able to satisfy any applicable stock exchange’s initial listing requirements for the post -businesscombination company; •our securities no longer qualifying as “covered securities” under the National Securities Markets Improvement Act of 1996 (“NSMIA”), meaning that sales of our securities would be subject to regulation in each state in which that sale occurs, including in connection with our initial business combination, which may negatively impact our ability to consummate our initial business combination