Company: PFSA
Filing Date: 2025-05-09
Form Type: S-4/A
Source: 0001213900-25-041151
Chunk: 878

Company: Profusa, Inc.
Filing Date: 2025-05-09
Form: S-4/A
Chunk 878
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 with the consideration by the Board of a possible acquisition of Profusa, Inc. (“Profusa” or the “Acquired Business”) in accordance with the terms of the draft Merger Agreement and Plan of Reorganization dated by and among NVAC, Profusa and certain other parties and dated October 3, 2022 (the “Merger Agreement”). We have been engaged to perform a fairness analysis, from a financial point of view, of the purchase price to be paid by the Company for the Acquired Business all as set forth in our Engagement Letter dated July 19, 2022, and the accompanying (and by this reference incorporated herein) General Contractual Conditions thereto (collectively, the “Agreement”). This letter shall serve as our opinion (the “Opinion”) as to the fairness, from a financial point of view, of the purchase price to be paid by the Company for the Acquired Business as referenced in and governed by that Agreement. We are advised, and have relied upon such advice with your approval, that the Transaction will be consummated as set forth in the Merger Agreement. We understand that the Transaction is expected to close (the “Closing”) by May 24, 2022 (the “Transaction Date”). We are further advised, and have relied upon such advice with your approval, that the Transaction consists of a business combination between the Company and Profusa and pursuant to which the Company, in effect, will acquire Profusa in consideration of the conversion pursuant to the Merger Agreement of (a) all of the outstanding common stock of Profusa into shares of the common stock of the surviving company (the “Surviving Company” and the “Common Stock,” respectively) and (b) all of the outstanding options to purchase Profusa common stock into options to acquire Common Stock (the “Surviving Company Options”). The value of the shares of Common Stock issued at the Closing under clause (a) above and the value of the shares of Common Stock underlying the Surviving Company Options under clause (b) above, are valued under the Merger Agreement at a per share amount equal to $10.00 (the “Parent Per Share Value”) and consist of (a) an initial consideration of One Hundred Fifty-Five Million ($155,000,000) payable in the form of the issuance of 15.5 million shares of the Company’s common stock (the “Initial Shares”) and (b) a potential earn out (the “Earn Out”) of up to 3.875