Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 13

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 13
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 LNHC as a wholly-owned subsidiary of Ligand; and |

| • | that Ligand and two other investors in the PIPE Financing provided LNHC with bridge loans in aggregate amount of up to $24 million to fund the commercialization of ZELSUVMI while the Merger is pending. |

For additional information, please see the section titled “ The Merger-LNHC Reasons for the Merger” beginning on page 110of this information statement. Recommendation of the Special Committee; Channel’s Reasons for the Merger (page 107) On April 11, 2025, the Special Committee unanimously determined that the Transaction Agreements and the Transactions, on the terms and subject to the conditions set forth therein, are advisable, fair to and in the best interests of Channel and Channel stockholders. The Special Committee further (a) recommended that the Merger Agreement and the other transactions contemplated by the Merger Agreement, including the Merger, be approved by the Channel board of directors; (b) recommended that the Purchase Agreement and the other transactions contemplated by the Purchase Agreement, including the PIPE Financing, be approved by the Channel board of directors; and (c) directed M&N Sarchet, Inc. (“M&N Sarchet”) to deliver a written opinion to the Special Committee, dated March 13, 2025 (the “Fairness Opinion”) to the Channel board of directors in connection with its deliberations and consideration of the foregoing recommendations. For more information, see the sections entitled “ The Merger — Recommendation of the Special Committee; Reasons for the Transaction” beginning on page 107. Recommendation of the Channel Board of Directors (page 110) On April 11, 2025, acting upon the Special Committee Recommendation, the Channel board of directors unanimously (a) determined that the terms and conditions of the Transaction Agreements and the Transactions are advisable, fair to and in the best interests of Channel and its stockholders, (b) approved and declared advisable the Transaction Agreements, including the Transactions, (c) authorized and approved the execution, delivery and performance by Channel of the Transaction Agreements and the consummation of the Transactions, upon the terms and subject to the conditions set forth therein and (d) recommended the adoption and approval of the Transaction Agreements and the consummation of the Transactions be submitted to the stockholders of Channel for approval. For more information, see the sections entitled “ The Merger — Recommendation of the Channel Board of Directors” beginning on page 110. Written