Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 346

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 346
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 effective February 15, 2024 (the “Reverse Stock Split”) of shares of Channel common stock, (B) all 600,000 issued and outstanding shares of Channel’s Series A Preferred Stock automatically converted into 499,429 shares of Channel common stock, (C) $389,757 and accrued interest of approximately $28,336 as of February 21, 2024 outstanding under Channel’s senior secured convertible notes issued in a bridge financing in April 2023 for an aggregate principal amount of $393,808 (the “April Bridge Financing”) after giving effect to the Representative Affiliate Transactions (as defined below), automatically converted into approximately 87,109 shares of Channel common stock, (D) $197,421 and accrued interest of $8,169 as of February 21, 2024 outstanding under Channel’s senior secured convertible notes issued in a bridge financing in September 2023 for an aggregate principal amount of $198,128 (the “September Bridge Financing” and together with the April Bridge Financing, the “Bridge Financings”) after giving effect to the Representative Affiliate Transactions, automatically converted into approximately 43,385 shares of Channel common stock, which includes an additional 549 shares of Channel common stock issuable as consideration for the September Bridge Financing (the “Bonus Shares”), (E) Channel issued 37,500 shares of Channel common stock to an investor as consideration for its previous agreement to provide funding that is no longer necessary in connection with the IPO, (F) Channel effected the Representative Affiliate Transactions, (G) Channel effected the transactions contemplated by the Holdings Side Letter, and issued an aggregate of 2,600 shares of Series C Preferred Stock to Chromocell Holdings pursuant thereto, and (H) Channel issued (i) 93,823 shares to a lender holding a note payable for $450,000 (the “Investor Note”) and (ii) 29,167 shares to one of Channel’s directors holding the promissory note in the aggregate principal amount of $175,000 (the “Director Note”) in full satisfaction of Channel’s obligations thereunder (in the case of (A) through (D) and (H) above, based on the IPO price of $6.00 per share of Channel common stock). Channel refers to these actions as the “IPO Transactions.”

In addition, certain stockholders of Channel (“Selling Stockholders”), as identified in the Registration Statement, have agreed to offer for resale of up to an aggregate of 2,969