Company: PTPI
Filing Date: 2025-06-20
Form Type: 8-K
Source: 0001104659-25-061230
Chunk: 1

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-06-20
Form: 8-K
Item: Item 7.01
Chunk 1
---
 creditors (collectively, the “ ABC
Assets”).

In accordance with California state law, on June
16, 2025, the Company assigned (the “ Assignment”) all of its right, title, interest in, and custody and control of each Subsidiary’s
property to a special purpose vehicle that is managed by a third-party fiduciary (the “ Assignee”) such that, as of June 16,
2025, the Assignee succeeded to all of each Subsidiary’s right, title and interest in and to the respective ABC Assets. Upon the
completion of the Assignment, the Assignee obtained sole control over the ABC Assets and each Subsidiary no longer operates its business
or controls the liquidation or distribution of its assets or the resolution of claims. The Assignment is a judicial insolvency procedure,
which was commenced by each Subsidiary entering a contractual assignment for the benefit of creditors on June 16, 2025, that effectuates
the assignment, grant, conveyance, transfer, and setting over to the Assignee, in trust, of all of the ABC Assets.

As a result, effective beginning in its Quarterly
Report on Form 10-Q for the quarter ending March 31, 2025, the Company classified the Subsidiaries’ operations as discontinued operations
in its condensed consolidated statements of operations. In addition, effective beginning in its Quarterly Report on Form 10-Q for the
quarter ending June 30, 2025, the Company expects to deconsolidate the assets, including the ABC Assets, liabilities and equity of each
Subsidiary (the “ Deconsolidation”) from its consolidated balance sheet.

The unaudited pro forma consolidated balance sheet
of the Company as of March 31, 2025, attached hereto as Exhibit 99.91 to this Current Report on Form 8-K, is presented as if (i) the Assignment,
including the Deconsolidation, (ii) the exercise of certain Series B Warrants issued in the Company’s public offering of securities
that closed on February 19, 2025, (iii) certain redemptions of the Company’s Series A Convertible Preferred Stock and (iii) the
Vivus Termination Agreement, in each case, had occurred as of March 31, 2025. The resulting pro forma balance sheet reflects pro forma
stockholders’ equity of approximately $8.0 million as of March 31