Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 188

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 188
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 Bistricer, Chief Executive Officer of Murchinson, discussed a prospective terms of an investment in the surviving corporation of the Merger by Murchinson and details with respect to the launch of ZELSUVMI. On December 11, 2024, Mr. Knuettel and Mr. Bistricer held a follow-up discussion on the terms and conditions of the prospective Murchinson investment. On December 6, Mr. Baxter had a call with Mr. Friedberg and Mr. Knuettel, who introduced Mr. Baxter to Mr. Bistricer to discuss whether any of Murchinson’s investment funds would be interested in participating in a potential equity financing in connection with a business combination transaction involving Channel and LNHC. On December 15, 2024, Mr. Baxter and Mr. Bistricer discussed the proposed equity financing and royalty terms contained in the Term Sheet, including with respect to the total amount of equity financing to be provided by Ligand and Murchinson, the valuation at which equity financing partners would invest in the combined company, the proposed timing of the closing of the equity financing and the potential royalties that would be paid to equity financing partners. On December 17, 2024, Mr. Baxter separately sent Mr. Bistricer and Mr. Knuettel a revised Term Sheet reflecting the discussions between Ligand, Channel and Murchinson that had occurred in the preceding days. Between December 17, 2024 and February 6, 2025, Channel and Ligand continued to engage in ongoing negotiations of, and exchanged revised drafts of the Term Sheet. During this process, the material points in the Term Sheet that were negotiated included, among other things: (1) the total amount of equity financing to be provided by Ligand and Murchinson and certain other third parties, (2) the valuation at which equity financing partners, including Ligand and Murchinson, would invest in the combined company, (3) the lock-up terms that Channel would expect

| 1 | The seven Ligand officers and employees consisted of: Mr. Baxter; Mr. Plesha; John Gay; Melvin Whitehead, SVP of Manufacturing; Carri Geer, Chief Technology Officer; Sai Rangarao, SVP of Sales and Marketing; and Martina Cartwright, VP of Medical Affairs. |

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Ligand, Murchinson and other equity financing sources to agree to, (4