Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 5

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 5
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 Channel. A copy of the Name Change Charter Amendment is attached as Annex C to the accompanying information statement and incorporated by reference into this notice.

Also on April 11, 2025, the Channel board of directors adopted a resolution approving the Amended and Restated Channel Therapeutics Corporation 2023 Equity Incentive Plan (the “Amended and Restated 2023 Plan”). Stockholder approval of the Amended and Restated 2023 Plan is also required pursuant to Section 711 of the NYSE American Guide, which requires stockholder approval with respect to the establishment or material amendment of any equity compensation arrangement, with limited exceptions. A copy of the Amended and Restated 2023 Plan is attached as Annex D to the accompanying information statement and incorporated by reference into this notice.

Additionally, on April 11, 2025, the Channel board of directors adopted a resolution approving an amendment to the articles of incorporation of Channel (the “Reverse Stock Split Charter Amendment”) to effect a reverse stock split of all outstanding shares of Channel common stock, by a ratio in the range of one-for five to one-for-twenty-five, to be determined in the Board’s discretion (the “Reverse Stock Split”), only to the extent needed to meet the listing requirements for listing the shares of the combined company on The NYSE American. Stockholder approval of the Reverse Stock Split is required pursuant to Section 78.2055 of the NRS, which requires stockholder approval with respect to a decrease in the number of issued and outstanding shares of a class or series held by Channel stockholders without correspondingly decreasing the number of authorized shares of the same class or series. A copy of the Reverse Stock Split Charter Amendment is attached as Annex K to the accompanying information statement and incorporated by reference into this notice.

In accordance with Section 78.320 of the NRS, following execution of the Merger Agreement, Channel stockholders who collectively held more than a majority of the combined voting power of the of the total issued and outstanding Channel common stock (the “Majority Stockholders”), executed and delivered to Channel a written consent approving and adopting the Transaction Agreements, the Transactions, the Name Change Charter Amendment, the Amended and Restated 2023 Plan and the Reverse Stock Split (the “Stockholder Approval”) in lieu of a special meeting of stockholders, which is attached hereto as Annex E (the “Written Consent”). As a result of the execution and delivery of the Written Consent, the holders of a majority of the aggregate voting