Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 30

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 30
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 on Channel’s and LNHC’s capitalization as of May 23, 2025, Ligand is expected to receive an aggregate of approximately 31,253.76 shares of Channel Series A Preferred Stock in the Merger. This amount is an estimate only and the final number of shares Ligand will receive at closing will be determined pursuant to a formula described in more detail in the Merger Agreement. |

For a more complete description of what Ligand will receive in the Merger, please see the sections titled “ The Merger-Merger Consideration” and “ The Merger-Exchange Ratio” beginning on pages 125and 125,

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respectively, of this information statement. For a description of the effect of the PIPE Financing on Channel’s and LNHC’s current securityholders, please see the section titled “ Agreements Related to the Merger-Securities Purchase Agreement” beginning on page 145of this information statement.

| Q. | Will the common stock of the combined company trade on an exchange? |

| A. | Shares of Channel common stock are currently listed on The NYSE American under the symbol “CHRO”. On April 16, 2025, the last trading day before the date the Merger Agreement and the Purchase Agreement were executed, the closing sale price of Channel common stock was $1.255 per share. Channel intends to file a listing application for the combined company with The NYSE American. After completion of the Merger, the combined company will be renamed “Pelthos Therapeutics Inc.” and, assuming approval of the application for continued listing, the common stock of the combined company will trade on The NYSE American under the symbol “PTHS”. However, The NYSE American’s determination of the combined company’s listing status is not known as of the date of this information statement. |

Channel has agreed to cause the shares of Channel common stock issuable upon conversion of the Channel Series A Preferred Stock to be issued in connection with the Merger to be approved for listing on The NYSE American at or prior to the Effective Time. In addition, under the Merger Agreement, each of Channel’s and LNHC’s obligations to complete the Merger is subject to the satisfaction or waiver by each of the parties, at or prior to the Merger, of various conditions, including that the shares of Channel common stock issuable upon conversion of the Channel Series A Preferred Stock to be issued in the Merger have been approved for listing on The NYSE