Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 92

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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July
Note Conversions

On
July 24, 2024, the Company entered into a securities purchase agreement with the July Note Holder, pursuant to which the Company
issued to the July Note Holder the July Note in the aggregate principal amount of $750,000, which is convertible into shares of
Common Stock. On April 16, 2025, the July Note Holder converted $400,000 of principal of its note, at a conversion price of $15.06
per share, into 26,561 shares of the Company’s common stock, on April 21, 2025, the July Note Holder further converted $200,000
of principal of its note, at a conversion price of $15.06 per share, into 13,281 shares of the Company’s Common Stock, and
on June 30, 2025, the July Note Holder further converted the remaining $136,993 of principal of its note, at a conversion price
of $15.06 per share, into 9,097 shares of the Company’s Common Stock.

Waiver
of Exchange Cap

On
October 22, 2024, the affirmative vote of a majority of the outstanding shares of Common Stock present in person, by remote communication,
if applicable, or represented by proxy at the Annual Meeting approved the waiver of the Exchange Cap in connection with the July
Note and the CEF Purchase Agreement.

February
Bridge Note

On
February 25, 2025, the Company issued an unsecured promissory note in the aggregate principal amount of $325,000 (the “February
Bridge Note”) to 3i, L.P., a Delaware limited partnership (the “Holder”), for a purchase price of $250,000,
pursuant to which the Company promises to pay the Holder or its registered assigns the principal sum of $325,000 or such amount
equal to the outstanding principal amount of the February Bridge Note together with interest. The February Bridge Note bears interest
on the outstanding principal amount at an annual rate equal to 6.0%. The February Bridge Note may be prepaid by the Company without
penalty, in whole or in part, upon two days’ prior written notice to the Holder. All unpaid principal, together with any
then unpaid and accrued interest and other amounts payable under the February Bridge Note, will otherwise be due and payable on
the earliest of: (i) May 25, 2025, (ii) the consum