Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 260

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 260
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, then the Merger Agreement will not terminate pursuant to this paragraph as a result of such particular breach or failure until the expiration of a 30-day period commencing upon delivery of written notice of such breach or failure from LNHC to Channel (it being understood that the Merger Agreement will not terminate as a result of such particular breach or failure if such breach or failure by Channel is cured prior to such termination becoming effective); or

| (i) | by Channel, if the written consent of Ligand necessary to adopt the Merger Agreement and approve the Merger and related matters has not been obtained on or prior to 5:00 p.m., New York City time, on the date that is two business days after the execution of the Merger Agreement. |

The party desiring to terminate the Merger Agreement will give the other party written notice of such termination. Amendment Subject to applicable law, the Merger Agreement may be amended with the approval of the respective boards of directors of LNHC and Channel at any time prior to the Effective Time (whether before or after obtaining the Channel Written Consent or the LNHC Written Consent);, except that after the Merger Agreement has been adopted and approved by Ligand or Channel stockholders, no amendment to the Merger Agreement may be made without the further approval by Ligand or Channel stockholders, as the case may be, if such further approval is required by law. The Merger Agreement may not be amended except by an instrument in writing signed on behalf of each of Channel and LNHC. Fees and Expenses The Merger Agreement provides that all fees and expenses incurred in connection with the Merger Agreement and the transactions contemplated thereby shall be paid by the party incurring such expenses, whether or not the Merger is consummated, except as described above in the section titled “The Merger Agreement-Termination” beginning on page 143of this information statement. Notwithstanding the foregoing:

| (a) | LNHC and Channel will share equally (i) all fees and expenses of the Exchange Agent and (ii) all fees and expenses, other than accountants’ and attorneys’ fees, incurred with respect to the printing, filing and mailing of this information statement and any amendments or supplements thereto; |

| (b) | if the Merger is consummated, Channel will pay all amounts due to outside legal counsel of each of Channel, LNHC and Ligand that are reasonably incurred in such outside legal counsel’s capacity as such in connection with the Merger, the PIPE