Company: PTHS
Filing Date: 2025-11-14
Form Type: PRE 14A
Source: 0001753926-25-001803
Chunk: 65

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-11-14
Form: PRE 14A
Chunk 65
---
 subject to adjustment as provided for in the Convertible Notes, which may limit the
Company’s ability to restructure or refinance its obligations under the Convertible Notes or to raise additional capital on
favorable terms. The Conversion Price also will not automatically adjust to a price equal to the average volume weighted average
price of the Common Stock for the five trading days ending immediately prior to the Maturity Date if the Company’s Permitted
Senior Indebtedness does not permit the Company to make the cash payment then due under the Convertible Notes on the Maturity Date,
which may also limit the Company’s ability to restructure or refinance its obligations under the Convertible Notes or to raise
additional capital on favorable terms.

We are not seeking the approval of our shareholders to authorize our entry into the November 2025 Securities Purchase Agreement, the Convertible Notes and related transaction documents.

Additional Information

This summary is intended to provide you with basic information concerning the Convertible Note Financing and the Committed Equity Financing. The full text of each of the form of Convertible Note and the November 2025 Securities Purchase Agreement were filed as exhibits to our Current Report on Form 8-K filed with the SEC on November 7, 2025.

Vote Required and Recommendation

Our Bylaws provide that, on all matters (other than the election of directors and except to the extent otherwise required by our Articles of Incorporation, Bylaws or applicable Nevada law), a majority of all the votes cast by holders of shares of Common Stock present in person, by remote communication, if applicable, or represented by proxy at the Annual Meeting entitled to vote will be required for approval. Accordingly, a majority of all the votes cast by holders of the shares of Common Stock present in person, by remote communication, if applicable, or represented by proxy at the meeting and entitled to vote on the matter will be required to approve the issuance of Convertible Shares pursuant to the Convertible Note Financing. Broker non-votes will not be counted as votes cast and will have no effect on the outcome of this proposal. This proposal is considered a “non-routine” matter under NYSE American rules. As a result, brokers may not vote on this proposal without specific instructions from the beneficial owner.

At the Annual Meeting, a vote will be taken on a proposal to waive the Exchange Cap.

<div align='center'>THE BOARD UNANIMOUSLY RECOMMENDS A VOTE TO APPROVE THE EXCHANGE CAP WAIVER IN CONNECTION WITH THE CONVERTIBLE NOTE FINANC