Profusa Faces Nasdaq Delisting for Multiple Rule Violations; Amends Convertible Note Terms

summarizeSummary

Profusa, Inc. received a Nasdaq delisting notice for failing to meet the minimum market value of publicly held shares, adding to existing compliance issues. Concurrently, the company amended a $1.87 million convertible note, introducing a 19.99% issuance cap and requiring shareholder approval.

check_boxKey Events

• Nasdaq Delisting Notice Received

  Profusa received a Nasdaq delisting notice on April 28, 2026, for failing to regain compliance with the $15 million Market Value of Publicly Held Shares (MVPHS) Rule by the April 27, 2026 deadline. This deficiency will be considered by the Nasdaq Hearings Panel alongside existing non-compliance issues related to the $1.00 Bid Price Rule and $50 million Market Value of Listed Securities Rule, significantly increasing the risk of delisting.

• Convertible Note Terms Modified

  The company amended a $1.87 million promissory note with NorthView Sponsor I LLC, making it non-interest bearing and convertible into common stock at the greater of 95% of the closing price or $0.35 per share. A subsequent amendment introduced a 19.99% issuance cap on conversion shares relative to outstanding shares, requiring shareholder approval for issuances exceeding this limit to comply with Nasdaq rules.

• Warrant Rights Amended

  Profusa amended a warrant issued to Ascent Partners Fund LLC, removing Section 4 which previously provided for automatic conversion or assumption of the warrant in certain fundamental transactions. All other provisions of the warrant remain in effect.

auto_awesomeAnalysis

This filing highlights Profusa's severe financial and operational distress. The Nasdaq delisting notice for failing to meet the $15 million market value of publicly held shares, combined with existing deficiencies for bid price and market value of listed securities, significantly increases the risk of the company being delisted. This could severely impair its ability to raise capital and maintain investor confidence. While the amendment to the $1.87 million convertible note introduces a 19.99% issuance cap and a requirement for shareholder approval, which offers some protection against immediate, uncontrolled dilution, the underlying financing remains highly dilutive relative to the company's market capitalization and signals continued reliance on distressed financing. The modification of warrant terms is less impactful but reflects ongoing adjustments to financing agreements. Investors should be highly concerned about the company's ability to maintain its public listing and its long-term viability.