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https://www.gate.com/announcements/article/45974
Profusa signed a $100 million financing protocol, and all proceeds will be used to purchase Bitcoin.
[Coin World] According to reports, the commercial stage digital health company Profusa (Nasdaq: PFSA) today announced a securities purchase agreement (equity credit agreement) with Ascent Partners Fund LLC (referred to as Ascent), which will finance up to $100 million through the issuance of common stock, and will use the net proceeds entirely to purchase Bitcoin (which can be used for debt repayment), provided that the company's cash balance at the time of executing the equity sale is above $5 million.
According to the terms of the protocol, Profusa has the right to sell common stock to Ascent at a price equal to 97% of the volume-weighted average price (VWAP) for the lowest trading price in the 5 trading days following each sale. The maximum limit for a single sale is 5 million USD or 100% of the average daily trading volume over the 5 trading days prior to the sale (whichever is lower). If the company's cash balance is below 5 million USD, the net proceeds will first be used to make up that amount, and the remaining funds will be allocated to Bitcoin as a core reserve asset.