Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 147

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 147
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 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. The Company has deferred the repayment of the Note to six months after the Closing.

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From inception to date, we have withdrawn a total of $1,484,218 of interest from the Trust Account of which $1,453,297 was paid for franchise
and income taxes. Of the aggregate withdrawals, $30,922 was restricted for the payment of our income taxes. We utilized $29,171 of these
withdrawals towards funding operating expenses, as well as the monthly extension deposits. As of June 30, 2025, we have restricted cash
of $1,751. We intend to deposit $29,171 back into the Trust Account or use the $29,171 (or a portion thereof) for tax obligations until
a deposit is made into the trust on a future date.

Results of Operations

As of June 30, 2025, we had not commenced any
operations. All activity for the period from April 19, 2021 (inception) through June 30, 2025 relates to our formation and the Initial
Public Offering, and, subsequent