Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 253

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 253
---
 this information statement to Channel’s stockholders; provided, that, to the extent any rules and regulations of the SEC applicable to the information statement require a longer period than 20 calendar days, then this condition will only be satisfied upon the expiration of such longer period; |

| • | no governmental entity of competent jurisdiction having enacted, issued, promulgated, enforced or entered any order, executive order, stay, decree, judgment or injunction (preliminary or permanent) or statute, rule or regulation which is in effect and which has the effect of making the Merger illegal or otherwise prohibiting consummation of the Merger; |

139

TABLE OF CONTENTS

| • | the approval of the listing of the additional shares of Channel common stock on The NYSE American having been obtained and the shares of Channel common stock issuable upon conversion of the Channel Series A Preferred Stock to be issued in the Merger pursuant to the Merger Agreement having been approved for listing, subject to official notice of issuance, on The NYSE American; and |

| • | the PIPE Financing having been consummated or being consummated immediately prior to the closing of the Merger in accordance with the terms of the Purchase Agreement. |

Notwithstanding the foregoing, certain closing conditions may not be waived due to applicable law or otherwise. The following closing conditions may not be waived: receipt of the requisite stockholder approvals; this information statement; and the absence of any order or injunction that has the effect of prohibiting the consummation of the Merger. In addition, the obligation of Channel and Merger Sub to complete the Merger is further subject to the satisfaction or waiver of the following conditions, any of which may be waived exclusively by Channel and Merger Sub:

| • | the representations and warranties of Ligand regarding certain matters related to LNHC’s corporate organization and power, and similar corporate matters, capitalization, authority to enter into the Merger Agreement, the related agreements and lack of certain conflicts, and material changes or events, brokers related matters and certain business relationships with affiliates must be true and correct in all but de minimis respects on the date of the Merger Agreement and on the closing date of the Merger with the same force and effect as if made on the date on which the Merger is to be completed or, if such representations and warranties address matters as of a particular date, then as of that particular date; |

| • | the remaining representations and warranties of LNHC in the Merger Agreement must be true and correct on