Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 788

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 2
Chunk 788
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 of  Debt Discount 

    Investor Note 
    $450,000  
     (133,676) 
    $316,324 

    Total as of December 31, 2023 
    $450,000  
    $(133,676) 
    $316,324 

NOTE
6 – STOCKHOLDERS’ EQUITY

Initial
Public Offering

On
February 21, 2024, the Company completed its IPO and issued 1,100,000 shares of Common Stock at a price of $6.00 per
share. The aggregate net proceeds from the IPO were approximately $5.9 million after deducting approximately $0.9 million of
underwriting discounts and commissions and offering expenses.

Stock
Split

On
February 15, 2024, the Company effected a 9-for-1 reverse stock split. All share and per share amounts have been retrospectively
adjusted for the reverse stock split.

2023
Plan Amendment

On
June 12, 2024, the Board authorized an amendment to the Chromocell Therapeutics Corporation 2023 Equity Incentive Plan (the
“2023 Plan”) to increase the number of shares of Common Stock authorized for issuance thereunder by 1,500,000 from 444,444 shares
to 1,944,444 shares. On October 22, 2024, the 2023 Plan Amendment was approved by the affirmative vote of a majority
of the outstanding shares of Common Stock present in person, by remote communication, if applicable, or represented by proxy at
the Annual Meeting.

Share
Forfeiture

Pursuant
to the terms of the April Bridge Financing, Chromocell Holdings forfeited 133,745 of the shares of Common Stock of the
Company on April 17, 2023. All shareholders with ownership stakes greater than 5% of the Company agreed that the failure to invest
its pro rata allocation in the April Bridge Financing would result in the forfeiture of a pro rata percentage of their shares.
Chromocell Holdings did not invest its full pro rata allocation, leading to the forfeiture of a portion of their shares of Common
Stock of the Company.

Standby
Investor Side letter

On
October 11, 2023, the Company entered into a securities purchase agreement with an institutional investor (the “Standby