Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 846

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 846
---
, as to all legal, regulatory, accounting, tax and other similar matters with respect to the Merger Partner and the Agreement or otherwise.

#### Conclusion
Based upon and subject to the foregoing, and in reliance thereon, it is our opinion that, as of the date hereof, the Merger Partner Valuation on a pre-transaction basis of $67.0 million is fair to the shareholders of Channel Therapeutics Corporation from a financial point of view.

We appreciate this opportunity to be of service and look forward to working with you on this important project.

Sincerely,

M. Mark Sarchet

President

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| Accepted by: |     |                                       |
| Signature:   |     | /s/ Francis Knuettel II               |
| Name:        |     | Francis Knuettel II                   |
| Title:       |     | Chief Executive and Financial Officer |
| Date:        |     | April 15, 2025                        |

F-5

TABLE OF CONTENTS

Statement of Limiting Factors and Assumptions The analyses and opinions concluded by M&N Sarchet, Inc.(hereinafter referred to as “M&N”) and set forth in this Opinion are subject to the following assumptions and limiting conditions: We have no present or contemplated material interest in the business or assets that are the subject of this Opinion. We have no personal interest or bias with respect to the subject matter of this Opinion or the parties involved. In accordance with recognized professional ethics, the professional fee for this service is not contingent upon M&N’s conclusion of value, and neither M&N nor any of its employees has a present or intended financial interest in the Company. To the best of our knowledge and belief, the statements of fact contained in this Opinion, upon which the analyses, opinions, and conclusions expressed herein are based, are true and correct. The fee for this engagement is not contingent upon the values reported. The opinion of value expressed herein is valid only for the stated purpose and only as of the date of the Opinion. No investigation of legal fee or title to the business or its assets has been made and the ownership claim to the business and its assets is assumed valid. No consideration has been given to liens or encumbrances which may be in place against the business or assets, except as specifically stated in this Opinion. M&N Sarchet, Inc. is not specifically identified as a tax advisor under IRS