Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 829

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 829
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 the Merger, concurrently with the execution and delivery of the Merger Agreement, the Board deems it advisable and in the best interests of the Company that (i) the Company and Ligand enter into (a) the Ligand Legacy Product Royalty Agreement, (b) the Nomis Bay Legacy Product Royalty Agreement, and (ii) the Company and those other persons signatory thereto enter into the Management Legacy Product Royalty Agreement (collectively, the “ Royalty Agreements ”);

WHEREAS , the Consenting Stockholders, upon the recommendation of the Board, deem it advisable and in the best interests of the Company and the Company Stockholders to amend and restate the Channel Therapeutics

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TABLE OF CONTENTS

Corporation 2023 Equity Incentive Plan, as amended (the “ 2023 Plan”) substantially in the form attached hereto as Exhibit E(the “ Amended and Restated 2023 Plan”), and to increase the total number of shares of Company Common Stock available for issuance under the 2023 Plan from 1,944,444 to 24,000,000 (prior to giving effect to any Reverse Stock Split); WHEREAS , upon consummation of the Merger and the other transactions contemplated by the Merger Agreement, the Financing and the Financing Documents, the Consenting Stockholders, upon the recommendation of the Board, deem it advisable and in the best interests of the Company and the Company Stockholders to change the Company’s legal name from “Channel Therapeutics Corporation” to “Pelthos Therapeutics Inc.” (the “Name Change ”), and in this regard, the Board has taken into account that the Name Change would more align the Company’s name with the Company’s products and services going forward; WHEREAS , in connection with the Name Change, the Consenting Stockholders, upon the recommendation of the Board, deem it advisable and in the best interests of the Company and the Company Stockholders to amend the articles of incorporation of the Company, substantially in the form attached hereto asExhibit F (the “Certificate of Amendment ”); WHEREAS , the Board has:

| (i) | determined that the terms of the Merger Agreement, the Merger, the Financing Documents, the Financing, and the other transactions contemplated by the Merger Agreement and the Financing Documents, the Series A Certificate of Designations, any Reverse Stock Split, the Share Issuances, the Amended and Restated 202