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US-listed company Profusa signs a $100 million ELOC protocol to establish Bitcoin reserves.
Techub News reports that the US-listed company Profusa Inc. (NASDAQ: PFSA) is a commercial-stage digital health company. The company announced that it is launching a Bitcoin treasury strategy by entering into a securities purchase agreement "ELOC" with Ascent Partners Fund LLC. Ascent will purchase up to $100,000,000 of the company's common stock. 100% of the net proceeds will be used to purchase Bitcoin (which can be used to pay off debt), provided the company's cash balance on the put options date exceeds $5,000,000.
According to ELOC, the company will be able to list its common stock to Ascent at a price per share equal to 97% of the volume-weighted average price of the common stock during the 5 trading days following each such put option. The maximum amount for each put option will be lower, at $5,000,000, as well as 100% of the average daily trading value of the common stock during the 5 trading days prior to such put option dates.