Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 235

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 235
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 Merger are satisfied or waived, including the approval by the stockholders of Channel and Ligand, and in any event, no later than two business days thereafter. Channel and LNHC are working to complete the Merger as quickly as practicable and expect that the Merger will be completed in the mid-2025; however, Channel and LNHC cannot predict the completion of the Merger or the exact timing of the completion of the Merger because it is subject to various conditions.

**Treatment of Channel Common Stock and Channel Equity Awards**

Each share of Channel common stock that is issued and outstanding immediately prior to the closing of the Merger will remain issued and outstanding and will be unaffected by the Merger. Each option to purchase Channel common stock, whether vested or unvested, and each Channel restricted stock unit award, that is outstanding immediately prior to the closing of the Merger will remain issued and outstanding and will be unaffected by the Merger.

**Directors and Officers of Channel Following the Merger**

Pursuant to the Merger Agreement, each of the directors and officers of Channel who will not continue as directors or officers of the combined company following the consummation of the Merger will resign effective as of the Effective Time. Effective as of the Effective Time, the combined company board of directors will consist of a total of seven directors: (i) four of whom will be designated by LNHC, namely Peter Greenleaf, Matthew Pauls, Todd Davis and Richard Baxter, (ii) one of whom is the intended Chief Executive Officer of the surviving corporation, namely Scott Plesha (iii) one of whom will be designated by Channel, namely Dr. Richard Malamut, and one of whom will be designated by Nomis Bay, namely Ezra Friedberg. In addition, upon the Effective Time, Scott Plesha will serve as President and Chief Executive Officer and Francis Knuettel II will serve as Chief Financial Officer of the combined company.

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TABLE OF CONTENTS

Representations and Warranties The Merger Agreement contains customary representations and warranties of Channel and Merger Sub, and Ligand for a transaction of this type relating to, among other things:

| • | corporate organization, standing and power, and similar corporate matters; |

| • | capitalization; |

| • | subsidiaries; |

| • | authority to enter into the Merger Agreement and the related agreements and the absence of certain conflicts; |

| • | financial statements and, with respect to Channel