Company: PFSA
Filing Date: 2025-06-13
Form Type: 10-Q
Source: 0001213900-25-054386
Chunk: 131

Company: Profusa, Inc.
Filing Date: 2025-06-13
Form: 10-Q
Item: Part I, Item 8
Chunk 131
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 to be repaid in shares of Company common stock at a price of $2.22 per share at the election
of the sponsor.

Nasdaq Delisting

On December 20, 2024, the Company received a
written notice from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market that the Company’s securities would
be delisted from The Nasdaq Stock Market by reason of the failure of the Company to complete its initial business combination by December
20, 2024 (36 months from the effectiveness of its IPO registration statement) as required by Listing Rule IM-5101-2. Accordingly, trading
in the Company’s Common Stock, Rights and Warrants was suspended at the opening of business on December 27, 2024 and a Form 25-NSE
was filed by Nasdaq with the Securities and Exchange Commission, which removed the Company’s securities from on the Nasdaq Stock
Market. The Company’s Common Stock, Rights and Warrants began to be quoted its on the Pink Markets operated on The OTC Market systems
(“OTC Market”) under the symbols “NVAC,” “NVACR” and “NVACW.”

Use of Funds Restricted for Payment of Taxes

From inception to date, we have withdrawn a
total of $1,484,158 of interest from the Trust Account of which $1,452,546 was paid for franchise and income taxes. Of the aggregate
withdrawals, $31,612 was restricted for the payment of our income taxes. We utilized $13,162 of these withdrawals towards funding
operating expenses, as well as the monthly extension deposits. As of March 31, 2025, we have restricted cash of $18,450. We intend
to deposit $13,162 back into the Trust Account or use the $13,162 (or a portion thereof) for tax obligations until a deposit is made
into the trust on a future date.

Results of Operations

As of March 31, 2025, we had not commenced any
operations. All activity for the period from April 19, 2021 (inception) through March 31, 2025 relates to our formation and the Initial
Public Offering, and, subsequent to the IPO, identifying a target company for a Business Combination. We have neither engaged in any
operations nor generated any operating revenues to date. We will not generate any operating revenues until after the completion of our
initial Business Combination, at the earliest.