Profusa Signs $100 Million Equity Credit Agreement to Launch Bitcoin Treasury Strategy
Odaily News Profusa (NASDAQ: PFSA), a commercial-stage digital health company, today announced that it has entered into a securities purchase agreement (equity credit agreement) with Ascent Partners Fund LLC (Ascent) to raise up to $100 million through the issuance of common stock, with the net proceeds to be used in full to purchase Bitcoin (which can be used for debt repayment), provided that the companys cash balance at the time of the equity sale is greater than $5 million. Under the terms of the agreement, Profusa has the right to sell common stock to Ascent at a price per share that is 97% of the lowest volume-weighted average price (VWAP) within the five trading days following each sale. The maximum amount of a single sale is $5 million or 100% of the average daily trading volume for the five trading days prior to the sale date (whichever is lower). If the companys cash balance is less than $5 million, the net proceeds will be used to make up that amount first, and the remaining funds will be used to allocate Bitcoin as a core reserve asset. (Business Insider)
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