In This Story
NorthView Acquisition Corporation (NVAC0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details NorthView's ongoing efforts to complete a business combination with Profusa, Inc. The merger agreement, initially signed on November 7, 2022, outlines the merger of NorthView's subsidiary with Profusa, resulting in Profusa becoming a wholly-owned subsidiary of NorthView.
The business combination is contingent on customary closing conditions, including a minimum available cash condition of $15,000,000 and necessary stockholder approvals. The agreement also includes potential issuance of additional shares contingent on future revenue and stock-price milestones.
NorthView has faced several compliance challenges with Nasdaq, including a notice for not holding an annual stockholders meeting within the required timeframe and not maintaining a minimum market value of publicly held shares. The company has taken steps to address these issues, including holding a stockholders meeting and applying to transfer its listing to the Nasdaq Capital Market.
Financially, NorthView reported a net income of $91,177 for the three months ended September 30, 2024, driven by changes in the fair value of warrant liabilities and interest income from trust account securities. The company also reported a working capital deficit of $4,483,517 as of September 30, 2024.
NorthView has extended its combination period multiple times, with the latest extension allowing until March 22, 2025, to complete the business combination. This extension involved redemption of shares and corresponding payments from the trust account.
The company has utilized a Convertible Working Capital Promissory Note with its sponsor to finance operations, with the note's principal amount increased to $2.5 million and convertible into company stock at the sponsor's election.
NorthView's management has expressed concerns about the company's ability to continue as a going concern, given the need to complete a business combination by March 22, 2025, or face liquidation.
The filing also discusses recent accounting standards and the company's approach to compliance as an emerging growth company under the JOBS Act, which allows for certain reporting exemptions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NorthView Acquisition Corporation quarterly 10-Q report dated December 17, 2024. To report an error, please email earnings@qz.com.