Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 19

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 19
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 have entered the Purchase Agreement, and (iii) Ligand and Nomis Bay have entered into lock-up agreements, pursuant to which such parties have agreed not to, except in limited circumstances, offer, pledge, sell, contract to sell, sell any option to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Channel common stock or Channel Preferred Stock, from the closing of the Merger until December 31, 2025, subject to certain exceptions set forth in each of the applicable lock-up agreements. In addition, Ligand, Nomis Bay and a certain other PIPE Investor agreed in their lock-up agreements to certain customary standstill provisions prohibiting such PIPE Investor from, among other things: (a) offering or proposing to acquire Channel common stock or other equity securities of Channel, other than shares acquired pursuant to the Purchase Agreement; (b) making, effecting or commencing any merger or other business combination involving Channel or other extraordinary transaction with respect to Channel; (c) soliciting proxies with respect to the voting of any securities of Channel; and (d) making any public statements or having any discussion with any securityholder of Channel seeking to control, change or influence the Board, management or policies of Channel. As of April 16, 2025, Ligand owned, in the aggregate, 100% of the shares of LNHC’s outstanding capital stock. The Channel stockholders who have executed lock-up agreements as of April 16, 2025 owned, in the aggregate, approximately 25.6% of the shares of Channel’s outstanding common stock. Securities Purchase Agreement On April 16, 2025, in connection with and concurrently with the execution of the Merger Agreement, Channel entered into the Purchase Agreement with the PIPE Investors, pursuant to which such PIPE Investors have agreed to subscribe for and purchase, and Channel has agreed to issue and sell to the PIPE Investors, an aggregate of 50,100 of shares of Channel Series A Preferred Stock at a price per share equal to the Purchase Price, subject to adjustment as set forth in the Purchase Agreement, which is expected to be consummated immediately prior to the closing of the Merger. Each share of Channel Series A Preferred Stock is initially convertible into 1,000 shares of Channel common stock. The closing of the PIPE Financing is conditioned upon all conditions to the closing of the Merger shall have been satisfied or waived, the Merger being set