Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 546

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 546
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 of mailing of an information statement on Schedule 14C to Channel’s shareholders; and (vi) other customary conditions.

Management is currently assessing the accounting for the above transactions and their impact on the Company's financial statements for the respective periods.

<div align='center'>F-52</div>

#### TABLE OF CONTENTS

#### Annex A

### AGREEMENT AND PLAN OF MERGER

#### by and among

#### CHANNEL THERAPEUTICS CORPORATION,

#### CHRO MERGER SUB INC.,

#### LNHC, INC.,

#### and solely for purposes of Article III,

### LIGAND PHARMACEUTICALS INCORPORATED

#### Dated as of April 16, 2025
TABLE OF CONTENTS

TABLE OF CONTENTS

|                                                                                |     |                                                           |     | Page |
| ARTICLE I THE MERGER                                                           |     |                                                           |     | A-2  |
| 1.1                                                                            |     | Effective Time of the Merger                              |     | A-2  |
| 1.2                                                                            |     | Closing                                                   |     | A-2  |
| 1.3                                                                            |     | Effects of the Merger                                     |     | A-2  |
| 1.4                                                                            |     | Directors and Officers of the Surviving Corporation       |     | A-2  |
| 1.5                                                                            |     | Public Company Matters                                    |     | A-2  |
| ARTICLE II CONVERSION OF SECURITIES                                            |     |                                                           |     | A-3  |
| 2.1                                                                            |     | Conversion of Capital Stock                               |     | A-3  |
| 2.2                                                                            |     | Exchange of Certificates                                  |     | A-5  |
| ARTICLE III REPRESENTATIONS AND WARRANTIES OF MERGER PARTNER                   |     |                                                           |     | A-6  |
| 3.1                                                                            |     | Organization, Standing and Power                          |     | A-6  |
| 3.2                                                                            |     | Capitalization                                            |     | A-6  |
| 3.3                                                                            |     | Subsidiaries                                              |     | A-7  |
| 3.4                                                                            |     | Authority; No Conflict; Required Filings and Consents     |     | A-7  |
| 3.5                                                                            |     | Financial Statements; Information Provided                |     | A-8  |
| 3.6