Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 230

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 230
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 by the Merger Agreement and the filing of this information statement with the SEC.

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#### TABLE OF CONTENTS
**Material U.S. Federal Income Tax Consequences of the Merger to Channel Stockholders**

Channel stockholders will not sell, exchange or dispose of any shares of Channel common stock in the Merger. Thus, there will be no material U.S. federal income tax consequences to Channel stockholders upon consummation of the Merger.

**Material U.S. Federal Income Tax Consequences of the Merger to the Sole Stockholder of LNHC**

The following discussion is a summary of the material U.S. federal income tax consequences of the Merger to Ligand (as the sole holder of LNHC capital stock) of the exchange of LNHC capital stock for Channel Series A Preferred Stock pursuant to the Merger, but does not purport to be a complete analysis of all potential tax consequences that may be relevant to Ligand. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the IRS, in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect Ligand. This discussion is limited to LNHC capital stock held by Ligand as a “capital asset” within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences that may be relevant to Ligand’s particular circumstances.

In addition, the following discussion does not address: (a) the tax consequences of transactions effectuated before, after or at the same time as the Merger, whether or not they are in connection with the Merger, including, without limitation, transactions in which shares of LNHC capital stock are acquired or disposed of other than in exchange for shares of Channel Series A Preferred Stock in the Merger, (b) the tax consequences to holders of convertible notes or options or warrants of LNHC, or (c) the tax consequences of the ownership of shares of Channel Series A Preferred Stock following the Merger.

It is intended that the Merger shall qualify as a “reorganization” within the meaning of Section 368(a)