Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 32

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 32
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 Peter Greenleaf     |     | Director                                        |
| Dr. Richard Malamut |     | Director                                        |
| Matthew Pauls       |     | Director                                        |

| Q. | When do you expect the Merger to be consummated? |

| A. | We are working toward completing the Merger as promptly as possible. We currently expect the Merger to be completed in the mid-2025, subject to the satisfaction of the conditions to closing in the Merger Agreement. However, there can be no assurance that the Merger will be completed on or prior to that time, or at all. For more information, please see the section titled “The Merger Agreement-Conditions to the Completion of the Merger” beginning on page139of this information statement. |

| Q. | What are the material U.S. federal income tax consequences of the Merger to Channel stockholders? |

| A. | Channel stockholders will not sell, exchange or dispose of any shares of Channel common stock in the Merger. Thus, there will be no material U.S. federal income tax consequences to Channel stockholders upon consummation of the Merger. |

| Q. | What are the material U.S. federal income tax consequences of the Merger to the Sole Stockholder of LNHC? |

| A. | The Merger is intended to qualify as a “reorganization” within the meaning of Section 368(a) of the Code. Subject to the limitations and qualifications described in the section titled “The Merger—Material U.S. Federal Income Tax Consequences of the Merger to the Sole Stockholder of LNHC,” if the Merger qualifies as a “reorganization” within the meaning of Section 368(a) of the Code, Ligand, as the sole holder of LNHC capital stock, generally should not recognize gain or loss for U.S. federal income tax purposes upon the receipt of shares of Channel Series A Preferred Stock in exchange for shares of LNHC capital stock in the Merger. For a more detailed discussion of the material U.S. federal income tax consequences of the Merger, see “The Merger—Material U.S. Federal Income Tax Consequences of the Merger” beginning on page127of this information statement. |

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This information statement and the documents incorporated by reference into this information statement contain forward-looking statements related to Channel, LNHC, the Merger and the other proposed