Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 442

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 442
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 of 50,100 of shares of Series A Preferred Stock, at a price per share equal to the Purchase Price, subject to adjustment as set forth in the Purchase Agreement, by and among Channel, LNHC and certain investors, which includes Nomis Bay and Ligand. The PIPE Financing is expected to close immediately prior to the closing of the Merger. The gross proceeds from the PIPE Financing are expected to be approximately $50.1 million (reduced by amounts previously funded by the Ligand Bridge Loan and PIPE Investors Bridge Loan as further defined and discussed below), before paying estimated expenses. The closing of the PIPE Financing is conditioned upon the closing of the Merger, entry into the Royalty Agreements (as defined in the Purchase Agreement), as well as certain other conditions. A copy of the Purchase Agreement is attached as Annex B to this information statement and incorporated by reference into this notice.

LNHC

Ligand did not account for LNHC, and it was not operated as, an independent, publicly traded company for the periods presented. The unaudited pro forma financial information does not reflect amounts for autonomous entity adjustments as management does not anticipate that the impacts from the separation of LNHC from Ligand and other commercial arrangements between Ligand and LNHC will be materially different from the historical amounts previously allocated from Ligand to LNHC as presented in the historical combined financial statements.

Effective January 1, 2025, LNHC entered into a bridge loan agreement with Ligand based on which any amounts of cash transfers from Ligand to LNHC, or settlement of LNHC expenses directly by Ligand, starting from January 1, 2025, would be considered a loan in the amount up to $18.0 million, of which approximately $6.6 million was funded through April 30, 2025, (the “Ligand Bridge Loan”). The repayment of Ligand Bridge Loan at closing of the Merger will reduce Ligand’s commitment in the PIPE Financing.

On March 24, 2025, LNHC assigned its IP portfolio to Ligand, and entered into an exclusive license and sublicense agreement with Ligand, pursuant to which Ligand licensed to LNHC the intellectual property rights necessary to make, use, sell or offer to sell ZELSUVMI for the treatment of molluscum contagiosum in humans worldwide except for Japan (the “IP Assignment Agreement”). In addition, Ligand and LNHC entered into an Exclusive License and Sublicense Agreement, dated March 24, 202