Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 725

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 725
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 the Merger Sub shall merge with and into the Target and, at the closing thereof (the “

#### Closing
”, and such date, the “

#### Closing Date
”), the Target, as the surviving entity, shall be a wholly-owned subsidiary of the Company (the “

#### Merger
”).

C. The Company, the Target and each Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “

#### 1933 Act
”), and Rule 506(b) of Regulation D (“

#### Regulation D
”) as promulgated by the United States Securities and Exchange Commission (the “

#### SEC
”) under the 1933 Act.

D. The Company has authorized (i) a new series of convertible preferred stock of the Company designated as Series A Convertible Preferred Stock, par value $0.0001 per share, the terms of which are set forth in the certificate of designations of preferences and rights for such series of preferred stock (the “

#### Certificate of Designations
”) in the form attached hereto as

#### Exhibit A
(together with any convertible preferred shares issued in replacement thereof in accordance with the terms thereof, the “

#### Series A Preferred Stock
”), which Series A Preferred Stock shall be convertible into shares of Common Stock (such shares of Common Stock issuable pursuant to the terms of the Certificate of Designations, including, without limitation, upon conversion or otherwise, collectively, the “

#### Conversion Shares
”), in accordance with the terms of the Certificate of Designations.

E. Each Buyer, severally and not jointly, wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, the aggregate number of shares of Series A Preferred Stock (the “

#### Preferred Shares
”) set forth opposite such Buyer’s name in column (3) on the Schedule of Buyers.

F. On the date hereof, (i) Ligand Pharmaceuticals Incorporated (“

#### Ligand
”) shall have delivered to the Company a lock-up agreement in the form of

#### Exhibit B-1
attached hereto (the “

#### Ligand Lock-Up Agreement
”), duly executed and delivered by Ligand and the Company, (ii) Nomis Bay Ltd (“

#### Nomis Bay
”)shall have delivered to the Company a lock-up agreement in the form