Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 285

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 285
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 NYSE American. The Reverse Stock Split will directly affect the listing of Channel common stock on The NYSE American, and Channel believes that the Reverse Stock Split could potentially increase Channel’s stock price and facilitate compliance with The NYSE American’s initial listing requirements. Following the Reverse Stock Split, Channel intends for the Channel common stock to continue to be listed on The NYSE American under the symbol “CHRO,” subject to Channel’s ability to continue to comply with The NYSE American rules, although the Channel common stock will have a new committee on uniform securities identification procedures (“CUSIP”) number, a number used to identify the Channel common stock. After completion of the Merger, the combined company will be renamed “Pelthos Therapeutics Inc.” and, assuming approval of the listing application, 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.

“Public Company” Status. Shares of Channel common stock are currently registered under Sections 12(b) and 12(g) of the Exchange Act, and Channel is subject to the “public company” periodic reporting and other requirements of the Exchange Act. The proposed Reverse Stock Split will not affect Channel’s status as a public company or this registration under the Exchange Act. The Reverse Stock Split is not intended as, and will not have the effect of, a “going private transaction” covered by Rule 13e-3 under the Exchange Act.

Odd Lot Transactions. It is likely that some of Channel’s stockholders will own “odd-lots” of less than 100 shares of Channel common stock following the Reverse Stock Split. A purchase or sale of less than 100 shares of Channel common stock (an “odd lot” transaction) may result in incrementally higher trading costs through certain brokers, particularly “full service” brokers, and generally may be more difficult than a “round lot” sale. Therefore, those stockholders who own less than 100 shares of Channel common stock following the Reverse Stock Split may be required to pay somewhat higher transaction costs and may experience some difficulties or delays should they then determine to sell their shares of Channel common stock.

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Authorized but Unissued Shares; Potential Anti-Takeover Effects. The articles of incorporation presently authorizes 200,000,000 shares of Channel common stock and 20,000,000 shares of