Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 249

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 249
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 Board of Directors approved, and the Company second amended 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.

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.” 

45

Results
of Operations

As
of December 31, 2024, we had not commenced any operations. All activity for the period from April 19, 2021 (inception) through December
31, 2024 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. We will generate non-operating income in the
form of interest income and unrealized gains from the cash and marketable securities held in the Trust Account. We expect to incur expenses
as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence
expenses.

For the year ended December 31, 2024, we had
net loss of $8