Company: PFSA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076861
Chunk: 146

Company: Profusa, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 146
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 the entire extension
period, on March 21, 2025.

On June 9, 2025, the Company held its a special
meeting of stockholders. At the meeting, the Company’s stockholders approved Merger Agreement and the actions and transactions
contemplated thereby, including (i) adopt an amended and restated Certificate of Incorporation, to be effective upon closing of the Merger
(ii) approving certain advisory proposals related to the amended and restated Certificate of Incorporation, (iii) approved the issuance
of new shares of the Company’s Common Stock as merger consideration, (iv) elected new directors, and (v) approved new employee
incentive plans.

In connection with the meeting, the holders of
52,784 Public Shares properly exercised their right to redeem, with 5,295,527 shares of Common Stock remaining outstanding after such
redemptions.

27

On July 1, 2025, the Company filed an
amendment to its Certificate of Incorporation (the “Amendment”) to extend the date by which the Company must consummate
a business combination or, if it fails to do so, cease its operations and redeem or repurchase 100% of the shares of the
Company’s common stock issued in the Company’s initial public offering, from June 22, 2025 to August 22, 2025.
Previously, on June 27, 2025, the Company had filed a copy of the Amendment with a date that mistakenly referenced “July 22,
2025” rather than “August 22, 2025,” however such filing was corrected in connection with the filing of the
Amendment on July 1, 2025.

Promissory Note

On January 10, 2024, the Company’s Board
of Directors approved, and the Company amended, its Convertible Working Capital Promissory Note (the “Note”) with the sponsor
to increase the principal amount of the Note that could be drawn on to $1.5 million. The 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.

On May 31, 2024, the Company’s Board of
Directors approved, and the Company second amended its Convertible Working Capital Promissory Note with the sponsor to increase the principal
amount