Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 202

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 202
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. In considering the factors described above, individual members of the LNHC board of directors may have given different weight to different factors. Opinion of M&N Sarchet to the Channel Special Committee and Channel Board of Directors Channel engaged M&N Sarchet to issue the Fairness Opinion in connection with the Merger. Channel selected M&N Sarchet based on M&N Sarchet’s significant valuation experience, including at a Big Four accounting firm, knowledge of the sector and prior experience with M&N Sarchet’s high quality work product. As part of M&N Sarchet’s engagement, the Special Committee and the Channel board of directors requested M&N Sarchet’s opinion as to the fairness, from a financial point of view and as of the date of such opinion, of the Merger Partner Valuation (as defined in the Fairness Opinion) used to calculate the exchange ratio described in more detail in the section titled “ The Merger-Exchange Ratio” beginning on page 125of this information statement. On April 11, 2025, M&N Sarchet delivered to the Special Committee and the Channel board of directors its opinion, dated March 13, 2025, to the effect that, as of the date of the Fairness Opinion and based upon and subject to the factors, considerations, qualifications, limitations and assumptions set forth therein, the Merger Partner Valuation (as defined in the Fairness Opinion) used to calculate the exchange ratio under the Merger agreement and which was assumed to be $67.0 million on a pre-Transactions basis (as more fully described below) was fair to Channel’s stockholders from a financial point of view. The full text of the Fairness Opinion is attached as Annex Fto this information statement and is incorporated herein by reference. This summary of the Fairness Opinion contained in this information statement is qualified in its entirety by reference to the full text of the Fairness Opinion. Channel stockholders are urged to read the Fairness Opinion carefully and in its entirety for a discussion of the procedures followed,

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assumptions made, matters considered, and qualifications and limitations on the review undertaken by M&N Sarchet in connection with the Fairness Opinion. The Fairness Opinion speaks only as of the date of the Fairness Opinion. The Fairness Opinion was for the information of, and was directed to, the Special Committee and the Channel board of directors (in its capacity as such) for its