Company: PTHS
Filing Date: 2025-04-17
Form Type: 8-K
Source: 0001753926-25-000652
Chunk: 2

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-04-17
Form: 8-K
Item: Item 1.01
Chunk 2
---
 to the Effective Time.

The consummation of the Merger is subject
to certain closing conditions, including, among other things, (i) the Merger Agreement having been approved by means of written
consents by the requisite stockholders of LNHC and Channel, (ii) the issuance of the Common Stock and the amendment to Channel’s
articles of incorporation to change the name of Channel to “ Pelthos Therapeutics Inc.” having been approved and ratified,
respectively, by means of the written consent by the requisite consent of the Channel stockholders under applicable law and the
NYSE American regulations, (iii) no governmental entity of competent jurisdiction having enacted, issued, promulgated, enforced
or entered any order, executive order, stay, decree, judgment or injunction (preliminary or permanent) or statute, rule or regulation
which is in effect and which has the effect of making the Merger illegal or otherwise prohibiting consummation of the Merger, (iv)
the approval of the listing of the additional shares of Common Stock issuable upon conversion of the Series A Preferred Stock on
the NYSE American having been obtained and the shares of Common Stock issuable upon conversion of the Series A Preferred Stock
to be issued in the Merger pursuant to the Merger Agreement having been approved for listing, subject to official notice of issuance,
on the NYSE American; (v) entry into the Royalty Agreements (as defined in therein), and (vi) the PIPE Financing having been consummated
or being consummated concurrently with the closing of the Merger or immediately before the closing of the Merger in accordance
with the terms of the Securities Purchase Agreement (as defined below). Each party’s obligation to consummate the Merger
is also subject to other specified customary conditions, including the representations and warranties of the other party being
true and correct as of the date of the Merger Agreement and as of the closing date of the Merger, generally subject to an overall
material adverse effect qualification, the performance in all material respects by the other party of its obligations under the
Merger Agreement required to be performed on or prior to the date of the closing of the Merger, and the absence of any material
adverse effect affecting the other party that is continuing on the closing date.

The Merger Agreement
contains certain termination rights of each of Channel and LNHC, including, subject to compliance with the applicable terms of
the Merger Agreement, the right of each party to terminate