Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 209

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 209
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 Merger Partner Valuation was determined through negotiation between Channel and LNHC, and the decision for Channel to enter into the Merger Agreement was solely that of the Channel board of directors, upon the recommendation of the Special Committee.

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#### TABLE OF CONTENTS
Summary of Material Financial Analyses

The following is a summary of the material financial analyses performed by M&N Sarchet in arriving at the Fairness Opinion. These summaries of financial analyses alone do not constitute a complete description of the financial analyses M&N Sarchet employed in reaching its conclusions. M&N Sarchet assigned different weighting to the different valuation models it employed, as set forth in the exhibits to the Fairness Opinion. Some of the summaries of the financial analyses performed by M&N Sarchet include information presented in tabular format. In order to understand the financial analyses performed by M&N Sarchet more fully, you should read the tables together with the text of each summary. The tables alone do not constitute a complete description of M&N Sarchet’s financial analyses, including the methodologies and assumptions underlying the analyses, and if viewed in isolation could create a misleading or incomplete view of the financial analyses performed by M&N Sarchet. The summary data set forth below does not represent and should not be viewed by anyone as constituting conclusions reached by M&N Sarchet with respect to any of the analyses performed by it in connection with the Fairness Opinion. Rather, M&N Sarchet made its determination as to the fairness, from a financial perspective, to Channel of the Merger Partner Valuation used to calculate the exchange ratio described in more detail in the section titled “ The Merger-Exchange Ratio ” beginning on page 125 of this information statement on the basis of its experience and professional judgment after considering the results of all of the analyses performed. Accordingly, the data presented and the corresponding imputed ranges of values for LNHC and corresponding imputed ranges of ownership percentages of the combined company for Channel should be considered as a whole and in the context of the full narrative description of all of the financial analyses set forth in the following pages, including the assumptions underlying these analyses.

Except as otherwise noted, the information utilized by M&N Sarchet in its analyses, to the extent that it was based on market data, was based on market data as it existed on or before December 31, 2024 and is not necessarily indicative of current market conditions. The analyses described