Company: PFSA
Filing Date: 2025-04-28
Form Type: S-4/A
Source: 0001213900-25-035718
Chunk: 326

Company: Profusa, Inc.
Filing Date: 2025-04-28
Form: S-4/A
Chunk 326
---
 Expected Accounting Treatment of the Business Combination The Business Combination will be accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, NorthView will be treated as the “acquired” company for accounting purposes, and the Business Combination will be treated as the equivalent of Profusa issuing stock for the net assets of NorthView, accompanied by a recapitalization. The net assets of NorthView will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination will be those of Profusa. See the accounting treatment discussed elsewhere in this proxy statement/prospectus. Certain Unaudited Profusa Prospective Financial Information Profusa does not as a matter of course make public projections as to future results. Profusa provided its internally -derivedforecasts, prepared in the first quarter of 2021, for each of the years in the five -yearperiod ending December 31, 2025 to NorthView for use as a component of its overall evaluation of Profusa (the “Initial Projections”). Updated prospective financial information reflecting Profusa’s present forecast related to its business (the “Updated Projections” and, together with the Initial Projections, the “Projections”) are included in this proxy statement. In the third quarter of 2023, Profusa management determined that, due to delays in consummating the Business Combination and raising additional capital that would be needed to support growth initiatives, the Initial Projections no longer reflected Profusa management’s view on the future performance of Profusa for the initial years of the forecasted period. In connection with this determination, Profusa management presented NorthView with the Updated Projections for the years 2023 to 2032, which Profusa and NorthView’s Board believed to reflect a sufficient amount of time for Profusa’s and NorthView’s revised expectations for when the Business Combination would be consummated. The NorthView Board, NorthView’s management team, and its advisors reviewed the key assumptions for the Projections provided by Profusa to the NorthView Board and determined that such assumptions were reasonable at the time they were presented. While alternative scenarios were not provided to the NorthView Board, the NorthView Board considered the probability of achieving such projections and in the view of the NorthView 166 Board, the Projections reflected the best currently available estimates and judgments, and presented, to the best of the NorthView Board’s knowledge and belief, the expected course of action and the expected future financial performance of Profusa