Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 344

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 344
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 public offering

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(“IPO”): (a) Chromocell Holdings re-assumed all $1.6 million in direct liabilities previously assumed by Channel in accordance with the Contribution Agreement, (b) Chromocell Holdings waived Channel’s obligations to make a cash payment in the amount of $0.6 million to Chromocell Holdings, and (c) in consideration thereof, Channel issued to Chromocell Holdings 2,600 shares of Series C Preferred Stock.

On February 21, 2024, Channel completed the IPO and issued and sold 1,100,000 shares of Channel common stock at a price to the public of $6.00 per share. The aggregate net proceeds from the IPO were approximately $5.7 million after deducting underwriting discounts and commissions of approximately $0.5 million and offering expenses of approximately $0.4 million.

In connection with the completion of the IPO: (A) Channel effected the 9-for-1 reverse stock split effective February 15, 2024 (the “Reverse Stock Split”) of shares of Channel common stock, (B) all 600,000 issued and outstanding shares of Channel’s Series A Preferred Stock automatically converted into 499,429 shares of Channel common stock, (C) $389,757 and accrued interest of approximately $28,336 as of February 21, 2024 outstanding under Channel’s senior secured convertible notes issued in a bridge financing in April 2023 for an aggregate principal amount of $393,808 (the “April Bridge Financing”) after giving effect to the Representative Affiliate Transactions (as defined below), automatically converted into approximately 87,109 shares of Channel common stock, (D) $197,421 and accrued interest of $8,169 as of February 21, 2024 outstanding under Channel’s senior secured convertible notes issued in a bridge financing in September 2023 for an aggregate principal amount of $198,128 (the “September Bridge Financing” and together with the April Bridge Financing, the “Bridge Financings”) after giving effect to the Representative Affiliate Transactions, automatically converted into approximately 43,385 shares of Channel common stock, which includes an additional 549 shares of Channel common stock issuable as consideration for the September Bridge Financing (the “Bonus Shares”), (E) Channel issued 37,500 shares of Channel common stock to an investor as consideration for its previous agreement to provide funding that is no longer necessary in