Company: PFSA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004396
Chunk: 206

Company: Profusa, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 206
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, and our rights and warrants will expire worthless.

22

Because we must furnish our stockholders with
target business financial statements, we may lose the ability to complete an otherwise advantageous initial business combination with
some prospective target businesses.

The federal proxy rules require
that a proxy statement with respect to a vote on a business combination meeting certain financial significance tests include historical
and/or pro forma financial statement disclosure. We will include the same financial statement disclosure in connection with our tender
offer documents, whether or not they are required under the tender offer rules. These financial statements may be required to be prepared
in accordance with, or be reconciled to, accounting principles generally accepted in the United States of America, or GAAP, or international
financial reporting standards depending on the circumstances and the historical financial statements may be required to be audited in
accordance with the standards of the Public Company Accounting Oversight Board (United States), or PCAOB. These financial statement requirements
may limit the pool of potential target businesses we may acquire because some targets may be unable to provide such financial statements
in time for us to disclose such financial statements in accordance with federal proxy rules and complete our initial business combination
within the prescribed time frame.

Our securities were suspended from trading
and delisted from Nasdaq on December 27, 2024, following receipt of a delisting determination letter from Nasdaq on December 20,
2024. This could have significant material adverse consequences on us and our securities, including that it will negatively impact our
ability to complete a Business Combination, will limit investors’ ability to make transactions in our securities and could subject
us to additional trading restrictions.

We currently have up until
as late as June 22, 2025 to complete an initial business combination. Nasdaq Listing Rule 5815, which was amended effective October 7,
2024, provides for the immediate suspension and delisting upon issuance of a listing determination letter for failure to meet the requirement
in Nasdaq Listing Rule IM 5101-2(b), curtailing the ability of the Nasdaq hearings panel to give special purpose acquisition companies
(SPACs) more time to complete an initial business combination beyond 36 months. Nasdaq Listing Rule IM 5101-2(b) requires a SPAC such
as us to complete its initial business combination within 36 months of the effectiveness of its IPO registration statement, which, in
our case, was December 20, 2024.

As such, following December 20, 202