Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 21

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 21
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138and 237, respectively, of this information statement. Interests of LNHC Directors and Executive Officers in the Merger In considering the recommendation of the LNHC board of directors with respect to approving the Merger, Channel stockholders should be aware that LNHC’s directors and executive officers may have interests in the Merger that are different from, or in addition to, the interests of Ligand generally. Interests of the directors and executive officers may be different from or in addition to the interests of the stockholders for the following reasons, among others:

| • | Todd C. Davis, Chairman of the Channel board of directors, is the Chief Executive Officer of Ligand and a member of the Ligand board of directors, and will be appointed to the combined company’s board of directors upon consummation of the Merger; and |

| • | Upon the closing of the Merger, Ligand will pay transaction bonuses to Ligand employees who have been serving as LNHC’s executive officers (subject, in each case, to their continued employment through the closing of the Merger). |

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These interests are discussed in more detail in the sections titled “ The Merger-Interests of LNHC Directors and Executive Officers in the Merger,” and “ The Merger Agreement-Indemnification and Insurance for Directors and Officers” beginning on pages 124and 138, respectively, of this information statement. Each of LNHC’s directors and executive officers have also entered into a lock-up agreement in connection with the Merger. For a more detailed discussion of the lock-up agreements, please see the section titled “ Agreements Related to the Merger-Lock-Up Agreements” beginning on page 145, respectively, of this information statement. Material U.S. Federal Income Tax Consequences of the Merger The Merger is intended to qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”). The closing of the Merger is not conditioned upon the receipt of an opinion of counsel or a ruling from the Internal Revenue Service (the “IRS”) regarding the U.S. federal income tax treatment of the Merger, and no opinion of counsel or ruling from the IRS will be requested regarding such treatment. Accordingly, there can be no assurance that the IRS will not challenge the qualification of the Merger as a “reorganization” within the meaning of Section 368(a) of the Code or that a