Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 85

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 85
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 such time. In addition, our board of directors is not currently contemplating and does not
anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare dividends
may be limited by restrictive covenants we may agree to in connection therewith. 

Recent Sales of Unregistered Securities; Use of Proceeds from Registered
Offering

On December 22, 2021, we consummated
our initial public offering (“IPO”) of 18,975,000 units, including the issuance of 2,475,000 units as a result of the underwriters’
exercise of their over-allotment option in full. The units were sold at a price of $10.00 per unit, generating gross proceeds of $189,750,000. 

Simultaneously with the closing
of the IPO, pursuant to certain subscription agreements, we completed a private sale of an aggregate of 7,347,500 private placement warrants
to our sponsor, I-Bankers, and Dawson James at a purchase price of $1.00 per private placement warrant, generating gross proceeds to the
Company of $7,347,500. The private placement warrants are identical to the public warrants sold in the IPO except that the private placement
warrants: (i) will not be redeemable by us and (ii) may be exercised for cash or on a cashless basis, in each case so long as they are
held by the initial purchasers or any of their permitted transferees. If the private placement warrants are held by holders other than
the initial purchasers or any of their permitted transferees, the private placement warrants will be redeemable by us and exercisable
by the holders on the same basis as the public warrants included in the units sold in the IPO. No underwriting discounts or commissions
were paid with respect to such sale. The issuance of the private placement warrant was made pursuant to the exemption from registration
contained in Section 4(a)(2) of the Securities Act of 1933, as amended. 

I-Bankers and Dawson James
were representatives of the several underwriters. The securities sold in the IPO were registered under the Securities Act on registration
statements on Form S-1 (Nos. 333-257156 and 333-261763). The SEC declared the registration statement effective on December 20, 2021. 

We paid a total of $3,450,