Company: PFSA
Filing Date: 2025-04-03
Form Type: S-4/A
Source: 0001213900-25-028544
Chunk: 278

Company: Profusa, Inc.
Filing Date: 2025-04-03
Form: S-4/A
Chunk 278
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 principals and legal representatives of NorthView, Profusa, AGP and Ascent was held on January 22, 2025 to discuss drafting definitive documents. 136 On January 28, 2025, Ascent’s counsel delivered an initial draft of the PIPE Subscription Agreement to NorthView, Profusa and their respective counsels, including the form of convertible note. Drafts of such documents were exchanged in the days following, and on February 11, 2025, NorthView and the PIPE Investors executed the PIPE Subscription Agreement. See section entitled “ Summary of The Proxy Statement/Prospectus — PIPE Transaction ” for a summary of the terms of the PIPE Subscription Agreement with the PIPE Investors. Recent Amendment Summary On January 16, 2025, NorthView’s counsel sent a proposed amendment to Profusa’s counsel which included (i) amending the definition of “Milestone Event III” such that the period for Profusa to consummate the APAC Joint Venture would be extended from December 31, 2024 to December 31, 2025, (ii) amending the definition of “Milestone Event IV” to change the earnout revenue target from $99,702,000 for the fiscal year ended December 31, 2025 to an earnout revenue target of $11,864,000 for the fiscal year ended December 31, 2026, which was consistent with Profusa’s updated projections, (iii) amending the purchase price adjustments to account for Profusa’s bridge financings (the “Incentive Equity Value”), (iv) extending the Outside Date to March 22, 2025. Counsel for Profusa and NorthView exchanged drafts of a proposed amendment over the next few weeks, and NorthView’s management subsequently presented the proposed amendments to the Merger Agreement to its board of directors for approval, which NorthView’s board ultimately approved on February 10, 2024. The Merger Agreement was amended on April 2, 2025, to again extend the Outside Date to June 22, 2025. Opinion of Marshall & Stevens On July 2, 2022, NorthView verbally authorized Marshall & Stevens to evaluate the fairness, from a financial point of view, to NorthView of the consideration to be received by NorthView in consideration of the issuance of its equity securities to the equity holders of Profusa in connection with the anticipated acquisition by NorthView of one hundred percent of the equity and equity equivalents (“equity”) and/or