Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 255

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 255
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 of that particular date, except |

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TABLE OF CONTENTS

in each case, or in the aggregate, where the failure to be so true and correct would not reasonably be expected to have a material adverse effect on Channel (without giving effect to any references therein to materiality or material adverse effect qualifications);

| • | Channel and Merger Sub each must have performed in all material respects all obligations required to be performed by it under the Merger Agreement on or prior to the closing date of the Merger; |

| • | no material adverse effect on Channel shall have occurred since the date of the Merger Agreement and be continuing; |

| • | LNHC must have received copies of the resignations, effective as of the Effective Time, of each director and officer (for such officers, limited to the offices held by such officers and not to such officer’s employment) of Channel and its subsidiaries, other than the resignation from the individual designated a director to the Channel board of directors by Channel pursuant to the Merger Agreement; |

| • | Channel must have obtained certain specified consents and approvals of third parties, and any other consents or approvals of third parties (other than a governmental entity) the failure of which to obtain, individually or in the aggregate, is reasonably likely to have a material adverse effect on Channel; and |

| • | LNHC must have received an officers’ certificate duly executed by Channel’s chief executive officer to the effect that certain closing conditions have been satisfied. |

With respect to LNHC, a “material adverse effect” for purposes of the Merger Agreement means any change, effect, event, circumstance or development (an “Effect”), that, individually or in the aggregate with all other Effects that have occurred through the date of determination of the occurrence of a material adverse effect, has had, or is reasonably likely to have, a material adverse effect on the business, assets and liabilities, financial condition or results of operations of LNHC or any of its subsidiaries, taken as a whole; provided, however, that no Effect, to the extent resulting from or arising out of any of the following, alone or in combination, will be deemed to be a material adverse effect with respect to LNHC or be taken into account for purposes of determining whether a material adverse effect with respect to LNHC has occurred or is reasonably likely to occur:

| • | changes after the date of the Merger Agreement in prevailing economic or market conditions in the United States or any other jurisdiction (except to the extent those changes have a disproportionate effect