Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 113

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 113
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 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 of the Company outstanding as of the effective date of
the Reverse Stock Split.

The
new CUSIP number for the Common Stock is 171126 204.

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The
Company’s transfer agent, Nevada Agency and Transfer Company, is acting as exchange agent for the Reverse Stock Split.

Departure
and Election of Directors

In
connection with the Merger and pursuant to the terms of the Merger Agreement, at the Effective Time, Francis Knuettel II, Todd
Davis, Ezra Friedberg and Chia-Lin Simmons each resigned from the Company’s board of directors (the “Board”).

In
addition, the size of the Board was increased from five to seven directors.

At
the Effective Time, one director selected by the Company, namely Dr. Richard Malamut, one director who is the newly-elected
Chief Executive Officer of the Company, namely Scott Plesha, four directors selected by LNHC, namely Peter Greenleaf, Matthew
Pauls, Todd Davis and Richard Baxter, and