Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 206

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 206
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 solicit indications of interest from, third parties with respect to the Merger Agreement, the securities, assets, business or operations of Channel or any other party. M&N Sarchet had not been requested to, and did not, advise the Channel board of directors or any other party with respect to alternatives to the Merger Agreement. The Fairness Opinion was necessarily based on financial, economic, market and other conditions as in effect on, and the information made available to M&N Sarchet as of, the date thereof. M&N Sarchet has not undertaken, and is under no obligation, to update, revise, reaffirm or withdraw the Fairness Opinion, or otherwise comment on or consider events occurring or coming to our attention after the date thereof.

The Fairness Opinion was directed only to the Special Committee and the Channel board of directors and addressed only the fairness of the proposed Merger from a financial point of view. The Fairness Opinion was furnished for the use of the Special Committee and the Channel board of directors (in its capacity as such) in connection with its evaluation of the Merger Agreement and may not be used for any other purpose without M&N Sarchet’s prior written consent. The Fairness Opinion was not intended to be, and does not constitute, a recommendation to the Special Committee or the Channel board of directors, any security holder or any other party as to how to act or vote with respect to any matter relating to, or whether to tender shares in connection with, the Merger Agreement or otherwise. The Fairness Opinion was based on M&N Sarchet’s analyses, which contained estimates and valuation ranges that are not necessarily indicative of actual values or predictive of future results or values.

The Fairness Opinion was used only by the Special Committee and the Channel board of directors in evaluating the Merger Agreement. It is not to be used, circulated, quoted or otherwise referred to (either in its entirety or through excepts or summaries) for any other purposes, unless (1) the Fairness Opinion is to be filed with or referred to in any registration statement, proxy statement or any other document filed with the SEC, and it is included in full and

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Channel has received M&N Sarchet’s prior written consent with respect to all of the references to it and/or the opinion included in any such registration statement, proxy statement or any other document filed with the SEC or (2) the Fairness Opinion is