Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 143

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 143
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 the Business Combination. All other aspects of the Merger Agreement were unmodified.

On September 25, 2024, Vellar terminated
the Amended and Restated Binding Principal Terms and Conditions with the Company and Profusa, dated May 9, 2024.

26

On February 11, 2025, the parties entered into
Amendment No. 4 to the Merger Agreement pursuant to which the parties agreed to revise the Company Reference Value (as defined in the
Merger Agreement) to adjust for financing proceeds received by Profusa prior to the Business Combination, along with debt conversions
and incentive shares to be issued. Additionally, the Amendment (i) revised the definition of “Milestone Event III” such that
the parties extended the period for Profusa to consummate the APAC Joint Venture (as defined in the Merger Agreement) and receive the
related funding from December 31, 2024 until December 31, 2025, and (ii) revised the definition of “Milestone Event IV” to
change the earnout revenue target from $99,702,000 for the fiscal year ended December 31, 2025 to an earnout revenue target of $11,864,000
for the fiscal year ended December 31, 2026.

On April 2, 2025, the parties to the Merger Agreement
entered into an Amendment No. 5 to the Merger Agreement (“Amendment No. 5”) pursuant to which Section 9.01 of the Merger
Agreement is hereby amended such that the reference to “March 22, 2025” shall be replaced with “June 22, 2025”
by which the Company must consummate a Business Combination.

On July 11, 2025, we completed our Business Combination
with Profusa.

Extension of Our Combination Period

On March 10, 2023, the Company held a vote to
amend its amended and restated certificate of incorporation to extend the date by which the Company must consummate a Business Combination
from March 22, 2023 to December 22, 2023 (the “First Extension Meeting”).

On December 21, 2023, the Company held a special
meeting of stockholders to vote on extending the Combination Period. As a result, the Company has extended the Combination Period from
December 22, 2023 to March 22, 2024. In connection with