BlockBeats News, July 21, according to Business Insider, the commercial stage digital health company Profusa (NASDAQ: PFSA) announced today that it has reached a securities purchase agreement (equity credit agreement) with Ascent Partners Fund LLC (referred to as 'Ascent'), to finance up to $100 million through the issuance of common stock, with the net proceeds fully allocated to the purchase of Bitcoin (which can be used for debt repayment), provided that the company's cash balance at the time of equity sale exceeds $5 million.
According to the terms of the agreement, Profusa has the right to sell common stock to Ascent at a price equal to 97% of the volume-weighted average price (VWAP) over the 5 trading days following each sale. The single sale limit is $5 million 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 falls below $5 million, the net proceeds will first be used to cover that amount, with remaining funds allocated to Bitcoin as a core reserve asset.
