Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 226

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 226
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 Common Stock repurchased by the Company were subsequently cancelled. Open market purchases
are intended to be conducted in accordance with applicable Securities and Exchange Commission regulations, including the guidelines
and conditions of Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
The timing and actual number of shares repurchased will depend on a variety of factors including trading price, the Company’s
financial performance, corporate and regulatory requirements and other market conditions.

Repurchase
Plan Amendment

On
October 22, 2024, the Board authorized an amendment (the “Amendment”) to the Repurchase Plan to increase the total
value of shares of Common Stock available for repurchase by the Company under the Repurchase Plan by an additional $500,000, to
$750,000. In addition, the Amendment extended the termination date of the Repurchase Plan from December 31, 2024 to June 30, 2025,
prior to which Common Stock may be repurchased, unless completed sooner or otherwise extended.

Chromocell
Holdings Share Transfers

On
December 18, 2024, 747,187 shares of Common Stock and 2,600 shares of Series C Preferred Stock held by Chromocell
Holdings were transferred by the Company to Alexandra Wood (Canada) Inc. (“AWI”) in satisfaction of a default judgement
against Chromocell Holdings regarding the default by Chromocell Holdings of a secured promissory note by order of the Supreme
Court of the State of New York, County of New York on November 25, 2024 in the matter Alexandra Wood (Canada) Inc v. Chromocell
Corp., Index No. 651735/2024. AWI subsequently transferred 173,000 shares of Chromocell Holding’s Common Stock that
it received such that AWI now owns 574,187 shares of the Common Stock originally issued to Chromocell Holdings in connection with
the Contribution Agreement.

Options

During
the year ended December 31, 2024, the Company granted a total of 684,000 stock options related to the Company’s
common stock. These stock options had a life of 10 years and an exercise price of $1.30 or $0.73 per option. During
the year ended December 31, 2023, the Company granted a total of 158,670 stock options