Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 192

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 192
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lesha and Mr. Knuettel spoke to continue to discuss forecasts, compensation plans and launch plans for ZELSUVMI.

On April 9, 2025, the Special Committee and the Channel board of directors both met, at which time they reviewed a Power Point presentation prepared by Mr. Knuettel and the Fairness Opinion prepared by M&N Sarchet, provided in advance of the meetings, and discussed the final terms of the Merger Agreement, Purchase Agreement and other ancillary agreements relating to the Transactions. The Special Committee agreed to formally provide the Special Committee’s recommendation by unanimous written consent, and the Channel board of directors agreed to formally provide their approval of the Transaction Agreements and the Transactions by written consent as well.

On April 11, 2025, the Special Committee delivered the Special Committee Recommendation in the form of a unanimous written consent to the Channel board of directors recommending that the Channel board of directors approve the execution by Channel of definitive transaction documents and recommend that Channel’s stockholders vote to adopt and approve the Transaction Agreements and the consummation of the Transactions.

Also on April 11, 2025, acting upon the Special Committee Recommendation, the Channel board of directors unanimously by written consent (a) determined that the terms and conditions of the Transaction Agreements and the Transactions are advisable, fair to and in the best interests of Channel and its stockholders, (b) approved and declared advisable the Transaction Agreements, including the Transactions, (c) authorized and approved the execution, delivery and performance by Channel of the Transaction Agreements and the consummation of the Transactions, upon the terms and subject to the conditions set forth therein and (d) recommended the adoption and approval of the

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TABLE OF CONTENTS

Transaction Agreements and the consummation of the Transactions by the stockholders of Channel. In reaching its decision, the Channel board of directors considered and relied upon the analyses and the unanimous Special Committee Recommendation as set forth in the section entitled “ The Merger — Recommendation of the Special Committee; Channel’s Reasons for the Merger” beginning on page 107in arriving at this determination and recommendation. In considering the Special Committee’s analyses and the Special Committee Recommendation, the Channel board of directors reviewed and discussed information with respect to Channel’s, LNHC’s and Ligand’s financial condition, results of operations, competitive position and business strategy, as well as current industry, economic and market conditions and trends. The material factors that supported the Channel board of