Updated Aug 18 at 10:35pm ET.
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Profusa is carrying out a 1-for-4 reverse stock split, a move that combines every four existing shares into one single share. This does not change the total value of the company, but it increases the price of each individual share.
This is a common tactic for companies whose share price has fallen too low. By artificially raising the price per share, Profusa aims to stay in compliance with Nasdaq listing rules and avoid being kicked off the exchange.
Source: GlobeNewsWire
Profusa has signed an agreement giving it the right to acquire 100 percent of G3 Vision Labs. If the deal goes through, Profusa would also own G3's subsidiaries, including Med Screen Laboratories, Dominion Diagnostics, and Acutis Diagnostics. This is a major step in the company's plan to pivot from its struggling biosensor technology into the medical testing business.
To actually exercise this option, Profusa must first raise at least 30 million dollars in new cash and ensure its stock is not delisted from the Nasdaq. The company paid for this option by issuing about 201,000 common shares and new preferred stock to the sellers. This deal represents a potential lifeline for the company, but it depends entirely on their ability to secure the necessary funding.
Source: 8-K filing
Profusa has appointed Jack Stover as its new Chief Executive Officer and Executive Chairman. Stover, who was already a director at the company, is taking over specifically to lead the effort to close the acquisition of a new diagnostics platform. Ben Hwang, the former CEO, will stay on as President to manage daily operations and near-term fundraising.
This leadership change signals that the company is fully committed to its plan to transform into a medical laboratory business. Having a new CEO focused entirely on closing this deal is a clear sign of how much the company's survival depends on this transition. Additionally, Liviu Goldenberg has joined the board as an independent director to fill the seat vacated by Hwang.
Source: 8-K filing
No Wall Street analysts cover Profusa, Inc. Common Stockyet. That’s common for smaller companies. We’ll show their price targets here once coverage begins.
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