Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 793

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 793
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 or aspect of the Agreement to any one class or group of Merger Partner’s, the Company’s, or any other party’s security holders or other constituents vis-à-vis any other class or group of the Company’s or such other party’s security holders or other constituents (including, without limitation, the allocation of any consideration amongst or within such classes or groups of security holders or other constituents), (v) whether or not the Company, its security holders or any other party is receiving or paying reasonably equivalent value in the Agreement, (vi) the solvency, creditworthiness or fair value of the Merger Partner or any other participant in the Agreement, or any of their respective assets, under any applicable laws relating to bankruptcy, insolvency, fraudulent

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conveyance or similar matters, or (vii) the fairness, financial or otherwise, of the amount, nature or any other aspect of any compensation to or consideration payable to or received by any officers, directors or employees of any party to the Agreement, any class of such persons or any other party, relative to the Merger Partner Valuation or otherwise. Furthermore, no opinion, counsel or interpretation is intended in matters that require legal, regulatory, accounting, tax or other similar professional advice. It is assumed that such opinions, counsel or interpretations have been or will be obtained from the appropriate professional sources. Furthermore, we have relied, with the consent of the Board, on the assessments by the Board, and its advisors, as to all legal, regulatory, accounting, tax and other similar matters with respect to the Merger Partner and the Agreement or otherwise.

#### Conclusion
Based upon and subject to the foregoing, and in reliance thereon, it is our opinion that, as of the date hereof, the Merger Partner Valuation on a pre-transaction basis of $67.0 million is fair to the shareholders of Channel Therapeutics Corporation from a financial point of view.

We appreciate this opportunity to be of service and look forward to working with you on this important project.

Sincerely,

M. Mark Sarchet

President

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| Accepted by: |     |                                       |
| Signature:   |     | /s/ Francis Knuettel II               |
| Name:        |     | Francis Knuettel II                   |
| Title:       |     | Chief Executive and Financial Officer |
| Date: