Company: PTHS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001753926-25-000790
Chunk: 29

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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, or (iii) any cause of action, suit, proceeding or claim brought by a third party, including
any derivative action, that arises out of or relates to (A) the execution, delivery, performance or enforcement of the Purchase
Agreement and related transaction documents, (B) any transaction financed or to be financed in whole or in part with the proceeds
of the PIPE Financing, or (C) the status of such PIPE Investor either as an investor in the Company pursuant to the transactions
contemplated by the Purchase Agreement or as a party to the Purchase Agreement and related transaction documents.

    21

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 $1.506
per share, into 265,606 shares of the Company’s common stock and on April 21, the July Note Holder further converted $200,000
of principal of its note, at a conversion price of $1.506 per share, into 132,803 shares of the Company’s Common Stock.
Following these conversions, approximately $131,868 of the original $750,000 principal remains outstanding.

May
Bridge Note

On
May 8, 2025, the Company issued an unsecured promissory note in the aggregate principal amount of $325,000 (the “May Bridge
Note”) to 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 May Note together
with interest. The May Bridge Note bears interest on the outstanding principal amount at an annual rate equal to 6.0%. The May
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 May Bridge
Note, will otherwise be due and payable on the earliest of: (i) September 30, 2025, (ii) the consum