Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 99

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 99
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,000, to
$750,000. In addition, the Amendment extended the termination date of the Repurchase Plan from December 31, 2024 to June 30, 2025,
prior to which Common Stock may be repurchased. The Repurchase Plan was not extended and has now expired.

Chromocell
Holdings Share Transfers

On
December 18, 2024, 74,719 shares of Common Stock and 2,600 shares of Series C Preferred Stock held by Chromocell Holdings were
transferred by the Company to Alexandra Wood (Canada) Inc. (“AWI”) in satisfaction of a default judgement against
Chromocell Holdings regarding the default by Chromocell Holdings of a secured promissory note by order of the Supreme Court of
the State of New York, County of New York on November 25, 2024 in the matter Alexandra Wood (Canada) Inc v. Chromocell Corp.,
Index No. 651735/2024. AWI subsequently transferred 17,300 shares of Chromocell Holding’s Common Stock that it received
such that AWI now owns 57,419 shares of the Common Stock originally issued to Chromocell Holdings in connection with the Contribution
Agreement.

Securities
Purchase Agreement

Concurrently
with the execution of the Merger Agreement, the Company entered into a securities purchase agreement (the “Securities Purchase
Agreement”) with LNHC and certain investors, which includes Ligand (collectively, the “PIPE Investors”), pursuant
to which, among other things, on the Closing Date and immediately prior to the consummation of the Merger, the PIPE Investors
purchased (either for cash or in exchange for the conversion of principal and interest payable under an outstanding convertible
note issued by the Company), and the Company issued and sold to the PIPE Investors, an aggregate of 50,100 shares of the Company’s
Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”) at a price per
share equal to $1,000 (such transaction, the “PIPE Financing”). The gross proceeds from the PIPE Financing were approximately
$50.1 million, consisting of approximately $50.0 million in cash and the conversion of approximately $0.1 million of principal
and interest payable under an outstanding convertible note issued by the Company, before paying estimated expenses. The Securities
Purchase Agreement contained customary representations and warranties of the