Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 290

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1A
Chunk 290
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 from time
to time, are restricted securities within the meaning of Rule 144 under the Securities Act but will be eligible for resale subject
to applicable volume, means of sale, holding period and other limitations of Rule 144 under the Securities Act or pursuant to
an exception from registration under Rule 701 under the Securities Act, subject to the lock-up agreements executed in
conjunction with the IPO.

In
addition, we have registered the Selling Stockholder Shares pursuant to the Resale Prospectus and, as a result, all of the Selling
Stockholder Shares are freely tradable under the Securities Act, subject to the terms of the lock up agreements.

We
intend to file one or more registration statements on Form S-8 under the Securities Act to register the shares of Common
Stock to be issued under Channel Therapeutics Corporation 2023 Equity Incentive Plan, as amended (the “2023 Plan”)
and, as a result, all shares of Common Stock acquired under our plans will also be freely tradable under the Securities Act, subject
to the terms of any lock-up agreements, unless purchased by our affiliates. In addition, 1,944,444 shares of our Common
Stock will be reserved for future issuances under the equity incentive plan that we have adopted. 

In
connection with the Bridge Financings (defined below), we were required to file a registration statement within 180 calendar days
after the consummation of the IPO, providing for the resale of Common Stock, which includes 549 Bonus Shares (as defined below),
received by holders of the senior secured convertible notes upon conversion of such notes. As of March 26, 2025, the Company
has not filed a registration statement in connection with the Bridge Financings, and the investors that participated in the Bridge
Financings have not objected to the fact that the Company has not filed such registration statement nor have they requested the
payment of partial liquidated damages pursuant to the terms of the Bridge Documents.

In
connection with the CEF Purchase Agreement, we filed a registration statement, providing for the resale of the shares of Common
Stock issuable pursuant to the CEF Purchase Agreement. In the future, we may issue additional shares of Common Stock or other
equity or debt securities convertible into Common Stock in connection with draw-downs under the CEF Purchase Agreement, a financing,
acquisition, litigation settlement or employee arrangement or otherwise. Any of these issu