Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 789

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 789
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The terms and conditions of the Merger are more fully set forth in the Agreement. We understand that Merger Partner owns the FDA approved product Zelsuvmi, approved for the treatment of Molluscum contagiosum(molluscum) in adults and pediatric patients one year of age and older. You have asked for M&N Sarchet, Inc.’s (“ M&N”, “we,” “our”) opinion (“ Opinion”) as to whether the Merger Partner Valuation is fair from a financial point of view to the holders of shares of the Company.

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For purposes of the Opinion set forth herein, we have made such reviews, analyses and inquiries as we have deemed necessary and appropriate under the circumstances. Among other things, we have:

| 1) | Reviewed certain publicly available financial statements and other business and financial information of CHRO; |

| 2) | Reviewed certain financial and operating data concerning the Merger Partner; |

| 3) | Reviewed certain financial projections of Merger Partner prepared by Merger Partner management; |

| 4) | Reviewed the pro forma impact of the Merger on CHRO’s cash flow and certain financial ratios; |

| 5) | Reviewed the reported prices and trading activity of CHRO; |

| 6) | Compared the financial performance of CHRO and the prices and trading activity of CHRO Common Stock with that of certain other publicly traded companies comparable with CHRO, and their securities; |

| 7) | Compared the projected financial performance of the Company with the projected financial performance and analysts’ opinions of share price of publicly traded companies comparable to CHRO; |

| 8) | Reviewed the financial terms, to the extent publicly available, of certain comparable acquisition transactions; |

| 9) | Reviewed the Merger Agreement and Letter of Intent (“LOI”) and certain related documents; and, |

| 10) | Performed such other analyses, reviewed such other information and considered such other factors as we have deemed appropriate. |

We have assumed and relied upon, without independent verification, the accuracy and completeness of the information that was publicly available or supplied or otherwise made available to us by the Company and formed a substantial basis for this opinion. With respect to the financial projections, we have assumed that they have been reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of Merger Partner and Company. We have relied upon and assumed, without independent verification, that there has been