Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 469

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 469
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 petition for appraisal without the need to name a nominee holding such shares on behalf of such owner as a nominal plaintiff and makes it easier to withdraw from the appraisal process and accept the terms offered in the merger, conversion or consolidation. Under the DGCL, no appraisal rights are available to stockholders of the surviving or resulting corporation if the merger did not require their approval.

The Nevada Articles of Incorporation and Bylaws do not currently provide for appraisal rights in addition to those provided by the NRS. Therefore, because Channel common stock is listed on NYSE American, and holders of shares of Channel’s capital stock will receive in the Transactions the equivalent shares of Channel capital stock, amongst which, the Channel common stock issuable upon conversion of such capital stock will be listed on NYSE American, holders of shares of Channel capital stock will not be entitled to appraisal rights in the Transactions with respect to their shares of our capital stock.

Special Meetings of the Stockholders. The DGCL permits special meetings of stockholders to be called by the board of directors or by any other person authorized in the certificate of incorporation or bylaws to call a special stockholder meeting. The NRS permits special meetings of stockholders to be called by the entire board of directors, any two directors, or the president, unless the articles of incorporation or bylaws provide otherwise. Under the Nevada Bylaws, a special meeting of stockholders may be called at any time by the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the president or the board of directors. The Delaware Bylaws would require the calling of a special meeting of stockholders pursuant to a resolution approved by the majority of the board of directors, the Chief Executive Officer, the Chairman of the Board (if any) or by the holders of a majority of the outstanding stock of the combined corporation.

Special Meetings Pursuant to Petition of Stockholders. The DGCL provides that a director or a stockholder of a corporation may apply to the Court of Chancery of the State of Delaware if the corporation fails to hold an annual meeting for the election of directors or there is no written consent to elect directors instead of an annual meeting for a period of 30 days after the date designated for the annual meeting or, if there is no date designated, within 13 months after the last annual meeting or the last action by written consent to elect directors in lieu of an annual meeting. Pursuant to the NRS, stockholders having not less than 15% of the voting power may petition to the district