US Stocks: Profusa Signs $100 Million Equity Line of Credit Agreement, Launches Bitcoin Treasury Reserve Strategy
BlockBeats News, July 21st, According to businessinsider report, commercial-stage digital health company Profusa (NASDAQ: PFSA) today announced that it has entered into a Securities Purchase Agreement (Equity Line Facility) with Ascent Partners Fund LLC (referred to as "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 (for debt repayment), provided that the Company's cash balance at the time of the equity sale is above $5 million.
Under the terms of the agreement, Profusa has the right to sell common stock to Ascent at a price per share equal to 97% of the lowest Volume Weighted Average Price (VWAP) during the 5 trading days following each sale. The maximum amount per sale is $5 million or 100% of the average daily trading volume over the 5 trading days preceding the sale date (whichever is lower). If the Company's cash balance falls below $5 million, the net proceeds will first be used to replenish that amount, with any remaining funds allocated to Bitcoin as a core reserve asset.
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