Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 984

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 4
Chunk 984
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 we transferred
to the Company (the “Therapeutics Business”), including all intellectual property secrets related to Chromocell Holdings’
NaV1.7 program and its clinical-stage CC8464 lead compound, (2) assumption by the Company of direct liabilities related to Chromocell
Holdings’ historical Therapeutics Business in the amount of $1,556,323 as well as a cash payment by the Company to Chromocell
Holdings of $597,038 within three business days of the closing of the IPO and (3) the issuance by the Company to Chromocell Holdings
of 1,111,112 shares of its Common Stock and 600,000 shares of Series A Preferred Stock.

On
August 2, 2023, we entered into the Holdings Side Letter to the Contribution Agreement. Pursuant to the Holdings Side Letter,
upon closing of the IPO: (a) Chromocell Holdings re-assumed all $1.6 million in direct liabilities previously assumed by the Company
in accordance with the Contribution Agreement, (b) Chromocell Holdings waived the Company’s obligations to make a cash payment
in the amount of $0.6 million to Chromocell Holdings, and (c) in consideration thereof, we issued to Chromocell Holdings 2,600
shares of Series C Preferred Stock.

On
April 17, 2023, Chromocell Holdings forfeited 133,745 shares of Common Stock as Chromocell Holdings did not fund its pro rata
allocation in the April Bridge Financing, per the terms governing the April Bridge Financing.

On
December 18, 2024, 747,187 shares of Common Stock and 2,600 shares of Series C  Preferred Stock held by Chromocell
Holdings were transferred by the Company to Alexandra Wood (Canada) Inc. (“AWI”) in satisfaction of a default judgement
against Chromocell Holdings regarding the default by Chromocell Holdings of a secured promissory note by order of the Supreme
Court of the State of New York, County of New York on November 25, 2024 in the matter Alexandra Wood (Canada) Inc v. Chromocell
Corp., Index No. 651735/2024. AWI subsequently transferred 173,000 shares of Chromocell Holding’s Common Stock that
it received such that AWI now owns 574,187 shares of the Common Stock originally issued to Chromocell Holdings in connection with
the Contribution Agreement