Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 248

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 248
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 applicable law. Under the Merger Agreement, subject to certain exceptions described below, LNHC agreed that its board of directors may not take any of the following actions, each of which are referred to in this information statement as an LNHC board of directors recommendation change:

| • | withhold, withdraw or modify, or publicly propose to withhold, withdraw or modify, the approval or recommendation of the LNHC board of directors with respect to the Merger; |

| • | fail to recommend against acceptance of a tender offer within ten business days after commencement; or |

| • | propose publicly to approve, endorse, adopt or recommend, or approve, endorse, adopt, or recommend any Acquisition Proposal. |

However, notwithstanding the foregoing or anything to the contrary set forth in the Merger Agreement, at any time prior to the approval of the Merger by the necessary consent of Ligand, with respect to a Superior Proposal, the LNHC board of directors may make a LNHC board of directors recommendation change if, but only if:

| • | the LNHC board of directors determines in good faith, after consultation with outside legal counsel, that the failure to make an LNHC board of directors recommendation change would reasonably be expected to be inconsistent with its fiduciary duties under applicable law; |

| • | LNHC has provided at least four business days’ prior written notice to Channel that it intends to effect a LNHC board of directors recommendation change and written copies of any relevant proposed transactions agreements with any party making a potential Superior Proposal, including the identity of the person making such Superior Proposal; |

| • | LNHC has complied in all material respects with the non-solicitation provisions of the Merger Agreement in connection with any potential Superior Proposal; |

| • | LNHC has, and has caused its financial advisors and outside legal counsel to, during the applicable four business days period, negotiate with Channel in good faith to make such adjustments to the terms and conditions of the Merger Agreement so that such Acquisition Proposal cases to constitute a Superior Proposal (to the extent Channel desires to negotiate); and |

| • | if after Channel has delivered to LNHC a written, binding and irrevocable offer to alter the terms or conditions of the Merger Agreement during the applicable four business day notice period, the LNHC board of directors has determined in good faith, after consultation with outside legal counsel and after considering the terms of such offer by Channel, that the failure to effect a LNHC board of directors recommendation change would reasonably be expected to be inconsistent with its