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

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 25
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 addition, LNHC is expected to meet the definition of a variable interest entity (“VIE”) given the entity will not have sufficient equity to finance its activities without additional financial support, as assessed immediately prior to the Merger. Finally, Channel will own 100% of the shares of LNHC following the close of the Merger and will therefore be the primary beneficiary of LNHC business. As a result, Channel will be deemed to be the accounting acquirer in the Merger, and the Merger will be accounted for as a business combination in which Channel acquires the LNHC business. The LNHC assets acquired, and liabilities assumed in connection with the Merger will be recorded at their acquisition date fair values.

See the section titled “ Unaudited Pro Forma Condensed Combined Financial Information ” beginning on page 244 of this information statement for additional information.

#### Appraisal Rights and Dissenters’ Rights
Holders of Channel common stock are not entitled to dissenter’s or appraisal rights under Nevada law in connection with the Merger.

Under the DGCL, Channel stockholders are not entitled to appraisal rights in connection with the Merger.

The sole stockholder of LNHC, Ligand, has provided its written consent in connection with the Merger and irrevocably waived all applicable appraisal rights and the right to receive notice thereof provided by Section 262 of the DGCL.

#### Comparison of Stockholder Rights
Channel is incorporated under the laws of the State of Nevada and LNHC is incorporated under the laws of the State of Delaware. Accordingly, the rights of the stockholders Channel are currently, and will continue to be, governed by the Nevada Revised Statutes (the “NRS”), and the rights of Ligand are currently governed by the Delaware General Corporation Law (the “DGCL”). If the Merger is completed, Ligand will become a Channel stockholder, and its rights will be governed by Nevada law, bylaws of Channel and the articles of incorporation of Channel, as may be further amended by the Name Change Charter Amendment, as the case may be. The rights of Channel stockholders contained in its articles of incorporation and bylaws of Channel differ from the rights of Ligand under LNHC’s certificate of incorporation and bylaws of LNHC, as more fully described under the section titled “ Comparison of Rights of Holders of Channel Capital Stock and LNHC Capital Stock ” beginning on page 260 of this information statement.

#### The Name Change Charter Amendment
On April 11, 2025, the Channel