Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 610

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 610
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 $1.5 million. The amended
and restated Note also allows for the conversion of the outstanding principal balance of the Note to be repaid in shares of Company common
stock at a price of $2.22 per share at the election of the sponsor. On May 31, 2024, the Company’s Board of Directors approved and
the Company entered into a second amendment of its Convertible Working Capital Promissory Note with the sponsor to increase the principal
amount of the Note that could be drawn on to $2.5 million. The second amended and restated Note also allows for the conversion of
the outstanding principal balance of the Note to be repaid in shares of Company common stock at a price of $2.22 per share at the
election of the sponsor. As of December 31, 2024, the Company had principal outstanding of $1,919,796 and is presenting the Note at fair
value on its balance sheet at December 31, 2024 in the amount of $8,908,052.

Related
Party Loans

In
order to finance transaction costs in connection with an intended initial Business Combination, the initial stockholders or an affiliate
of the initial stockholders or certain of the Company’s officers and directors may, but are not obligated to, loan the Company
funds as may be required (the “Working Capital Loans”). If the Company completes the initial Business Combination, the Company
would repay such loaned amounts out of the proceeds of the Trust Account released to the Company. Otherwise, such loans would be repaid
only out of funds held outside the Trust Account. In the event that the initial Business Combination does not close, the Company may
use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account
would be used to repay such loaned amounts. Up to $1,500,000 of such loans may be convertible, at the option of the lender, into warrants
at a price of $1.00 per warrant of the post Business Combination entity. The warrants would be identical to the Private Placement Warrants,
including as to exercise price, exercisability and exercise period. At December 31, 2024 and 2023, the Company had no borrowings under
the Working Capital Loans, other than the Note described in “Note 5 – Related Party Transactions – Convertible Promissory
Note – Related Party”.

Administrative
Service