Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 2210

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 12
Chunk 2210
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 IPO price of $6.00 per IPO Share). The senior secured convertible notes issued in the
April Bridge Financing are secured by a security interest in all of our assets (including our patents and intellectual property
licenses). In connection with the April Bridge Financing, on April 17, 2023, we also entered into a securities purchase agreement
with holders of the notes, pursuant to which we are required to file a registration statement within 180 calendar days after consummation
of the IPO, providing for the resale of Common Stock received by holders of the notes upon conversion of such notes.

On
September 1, 2023, we entered into the September Bridge Financing with various accredited investors, certain of which are pre-existing
stockholders, including Aperture Healthcare Ventures Ltd., MDB Merchants Park LLC, Balmoral and AME Equities LLC (each a related
party based on share ownership in excess of 5% or resulting from a principal at one of the entities being on the Company’s
board of directors) in the aggregate principal amount of $197,421, after giving effect to the Representative Affiliate Transactions.
The September Bridge Financing consists of senior secured convertible notes that have a maturity date of March 1, 2024. Such notes
accrue interest on the unpaid principal amount at a rate of eight percent (8%) per annum and automatically converted into shares
of Common Stock in connection with the IPO at a twenty percent (20%) discount to the price per IPO Share plus 549 Bonus Shares
(43,385 shares, based on the IPO price of $6.00 per IPO Share). The senior secured convertible notes issued in the September Bridge
Financing are secured by a security interest in all of our assets (including our patents and intellectual property licenses).
In connection with the September Bridge Financing, on September 1, 2023, we also entered into a securities purchase agreement
with holders of the notes, pursuant to which we are required to file a registration statement within 180 calendar days after consummation
of the IPO, providing for the resale of Common Stock received by holders of the notes upon conversion of such notes. Additionally,
we entered into a subordination and intercreditor agreement, effective September 1, 2023, with the holders of the senior secured
convertible notes issued in the April Bridge Financing, pursuant to which those notes and certain liens of the Company will be
subordinated to the rights of the holders of the notes issued in the September Bridge