Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 3

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 3
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 independent and disinterested directors with respect to the Transactions that was established by the Channel board of directors to (a) establish, approve, modify, monitor and direct the process and procedures related to the review, evaluation and negotiation of the Transactions; (b) review and make such investigation of the Transactions as the Special Committee deems appropriate; (c) evaluate the terms and conditions of the Transactions; (d) contact and negotiate with Ligand or its representatives regarding any element of the Transactions, including the Transactions’ structure, price, terms and conditions (including the terms and conditions of any definitive agreements with respect to the Transactions); (e) contact and negotiate with third parties and their representatives (including potential investors, lenders and other parties) regarding any element of the Transactions; (f) in the event the Transactions involved stock consideration, investigate the appropriate relative valuations of Channel, Ligand or any other third party, as applicable; (g) to the extent the Special Committee deems it appropriate, report to the full Channel board of directors its recommendations and conclusions with respect to the Transactions, including a recommendation and determination as to whether the Transactions are advisable and in the best interests of Channel and Channel stockholders and should be approved or rejected by the full Channel board of directors; (h) in connection with its recommendation to the full Channel board of directors, communicate (including, but not limited to, communications with the stockholders, management, advisors and representatives of Channel) regarding the Transactions; (i) following the execution of any agreements relating to the Transactions, if any, take any other actions contemplated by such agreements to be taken by the Special Committee, including to take (or determine not to take) actions with respect to any intervening event; (j) to the fullest extent permitted by Nevada law, as amended from time to time, exercise any other power or authority that may be otherwise exercised by the Channel board of directors that the Special Committee may determine to be necessary or advisable to carry out and fulfill its duties and responsibilities; and (k) determine to elect not to pursue the Transactions.

Stockholder approvals of the Merger Agreement, including the Merger, and the Purchase Agreement are also required pursuant to Section 713 of the NYSE American LLC Company Guide (the “NYSE American Guide”), which requires stockholder approval prior to the issuance of securities in connection with a transaction other than a public offering involving (1) the sale, issuance, or potential issuance by the issuer of common stock (or securities convertible into common stock) at a price less than