Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 62

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 62
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Commitment”) of the shares of Common Stock (the “Purchase Shares”), subject to certain limitations set forth
in the CEF Purchase Agreement, from time to time during the term of the CEF Purchase Agreement. Concurrently with the execution
of the CEF Purchase Agreement, the Company and Tikkun also entered into a Registration Rights Agreement, dated as of July 26,
2024, pursuant to which the Company agreed to file with the SEC one or more registration statements, to register under the Securities
Act, the offer and resale by Tikkun of all of the Purchase Shares that may be issued and sold by the Company to Tikkun from time
to time under the CEF Purchase Agreement.

On
August 5, 2024, our board of directors authorized the Repurchase Plan, pursuant to which up to $250,000 of our Common Stock may
be repurchased prior to December 31, 2024, unless completed sooner or otherwise extended. Open market purchases are intended to
be conducted in accordance with applicable Securities and Exchange Commission regulations, including the guidelines and conditions
of Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The timing and actual number of shares repurchased
will depend on a variety of factors including trading price, the Company’s financial performance, corporate and regulatory
requirements and other market conditions. On October 22, 2024, the board of directors authorized an amendment (the “Amendment”)
to the Repurchase Plan to increase the total value of shares of Common Stock available for repurchase by the Company under the
Repurchase Plan by an additional $500,000, to $750,000.

On
February 25, 2025, the Company issued an unsecured promissory note in the aggregate principal amount of $325,000 (the “February
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 February
Bridge Note together with interest. The February Bridge Note bears interest on the outstanding principal amount at an annual rate
equal to 6.0%. The February 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