Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 204

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 204
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 business and financial information of Channel; |

| (ii) | reviewed certain financial and operating data concerning LNHC; |

| (iii) | reviewed certain financial projections of LNHC prepared by LNHC management; |

| (iv) | reviewed the pro forma impact of the Merger on Channel’s cash flow and certain financial ratios; |

| (v) | reviewed the reported prices and trading activity of Channel; |

| (vi) | compared the financial performance of Channel and the prices and trading activity of Channel common stock with that of certain other publicly traded companies comparable with Channel, and their securities; |

| (vii) | compared the projected financial performance of Channel with the projected financial performance and analysts’ opinions of share price of publicly traded companies comparable to Channel; |

| (viii) | reviewed the financial terms, to the extent publicly available, of certain comparable acquisition transactions; |

| (x) | performed such other analyses, reviewed such other information and considered such other factors as we have deemed appropriate. |

M&N Sarchet assumed and relied upon, without independent verification, the accuracy and completeness of the information that was publicly available or supplied or otherwise made available to M&N Sarchet by Channel and formed a substantial basis for the Fairness Opinion. With respect to the financial projections, M&N Sarchet assumed that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of LNHC and Channel. M&N Sarchet relied upon and assumed, without independent verification,

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that there had been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of LNHC since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to M&N Sarchet that would be material to M&N Sarchet’s analyses or the Fairness Opinion, and that there was no information or any facts that would make any of the information reviewed by M&N Sarchet incomplete or misleading. In addition, M&N Sarchet assumed that the Merger will be consummated in accordance with the terms set forth in the Merger Agreement without any waiver, amendment or delay of any terms or conditions.

M&N Sarchet relied upon and assumed, without independent verification, that (a) the representations and warranties of the parties to the Merger Agreement and all other related documents and instruments that were referred to therein were true and correct