Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 35

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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1.2% royalty on Net
Sales of the Channel Covered Products worldwide, and (ii) NRV will receive 12.23%, Ligand will receive 3.92% and Madison will
receive 3.46% of non-royalty sublicensing payments received by Pharmaceutical Sub for its sublicensing of rights to the Channel
Covered Products worldwide.

Name
Change

In
connection with the consummation of the Merger, the Company changed its name from “Channel Therapeutics Corporation”
to “Pelthos Therapeutics, Inc.” pursuant to the Name Change Certificate of Amendment.

After
consummation of the Merger and the Reverse Stock Split, shares of the Company’s Common Stock were listed on the NYSE American
under the symbol “PTHS,” and the CUSIP number relating to the Common Stock was changed to 171126 204. Holders of shares
of Channel Therapeutics Corporation who have filed reports under the Exchange Act with respect to those shares should indicate
in their next filing, or any amendment to a prior filing, filed on or after the Closing Date that the Company is the successor
to Channel Therapeutics Corporation.

Reverse
Stock Split

Immediately
after the consummation of the Merger, the Company effected the Reverse Stock Split pursuant to the Reverse Stock Split Certificate
of Amendment. Pursuant to the Reverse Stock Split Certificate of Amendment, the Reverse Stock Split became effective as of 4:06
p.m. Eastern Time on July 1, 2025. As a result of the Reverse Stock Split, every ten (10) shares of Common Stock were exchanged
for one (1) share of Common Stock. The Common Stock began trading on the NYSE American on a split-adjusted basis at the start
of trading on July 2, 2025.

The
Reverse Stock Split did not affect the total number of shares of capital stock, including the Common Stock, that the Company is
authorized to issue, which remains as set forth pursuant to the Articles of Incorporation, as amended. No fractional shares of
Common Stock were issued in connection with the Reverse Stock Split. Any holder that would receive a fractional share of Common
Stock as a result of the Reverse Stock Split will automatically be entitled to receive an additional remaining fraction of such
share of Common Stock in order to round up to the next whole shares as of the date of the Reverse Stock Split. The Reverse Stock
Split also has a proportionate effect on all other options and warrants