NorthView Acquisition Corp, a blank check company formed to pursue a merger or acquisition, reported a net loss of $8.7 million for the fiscal year ending December 31, 2024, compared to a net income of $1.2 million in the previous year. The loss was primarily attributed to operating costs of $1.4 million, a change in the fair value of warrant liabilities amounting to $539,531, and a significant $7.2 million change in the fair value of a convertible note. The company had approximately $16,204 in cash and a working capital deficit of $12.3 million as of the end of 2024, indicating a challenging liquidity position.
In terms of strategic developments, NorthView has been actively pursuing a business combination with Profusa, Inc. The company entered into a merger agreement on November 7, 2022, with a pre-transaction equity value set at $155 million. The agreement includes provisions for additional shares to be issued to Profusa stockholders based on future revenue and stock price milestones. Amendments to the merger agreement have been made to adjust these milestones, reflecting updated projections from Profusa. The company has until June 22, 2025, to complete this business combination, having extended its combination period multiple times due to challenges in finalizing the deal.
Operationally, NorthView has faced significant challenges, including a delisting from Nasdaq on December 27, 2024, due to failing to complete its initial business combination within the required timeframe. Following the delisting, the company's securities began trading on the OTC Pink market. As of March 28, 2025, NorthView had only four holders of record for its common stock, indicating a limited investor base. The company has also seen substantial redemptions of public shares, with approximately 75.7% of shares redeemed in connection with extension votes, which has further impacted its liquidity and operational flexibility.
Looking ahead, NorthView's management has expressed uncertainty regarding its ability to complete the business combination with Profusa by the extended deadline. The company has indicated that if it fails to do so, it will cease operations and liquidate, which raises concerns about the potential return for public stockholders. The company has also acknowledged the risks associated with its lack of diversification, as it plans to focus solely on the performance of the combined entity post-merger. The management's ability to navigate these challenges will be critical in determining the future viability of NorthView and its stockholders' investments.
About NorthView Acquisition Corp
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