PFSA · Profusa, Inc. Common Stock

This Nasdaq listing determination represents a critical inflection point for Profusa’s public market status. The Panel’s decision permits continued listing—but only after transferring from the more stringent Nasdaq Global Market to the Nasdaq Capital Market, which carries lower quantitative thresholds. The July 6, 2026 deadline imposes acute near-term pressure: Profusa must demonstrate compliance with both the $1.00 minimum bid price requirement and the $2.5 million minimum stockholders’ equity standard—replacing the higher market value of listed securities alternative previously applicable under Rule 5550(b)(1). The inclusion of interim milestones and mandatory disclosure obligations signals heightened Nasdaq oversight; any failure to meet those milestones—or any adverse development such as further share price erosion, capital shortfall, or governance issue—could trigger immediate reconsideration of the exception. While the Company retains appeal rights, the 15-day window and associated fee underscore procedural formality rather than substantive remedy. Investors should treat this as a temporary reprieve—not resolution—as the filing explicitly states there is 'no assurance' Profusa will satisfy the conditions. The absence of disclosed remedial actions (e.g., reverse stock split authorization, financing commitments, or board-level compliance initiatives) in the 8-K or Exhibit 99.1 further heightens execution risk.