Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 22

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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,000 of
the Company’s Common Stock may be repurchased prior to December 31, 2024, unless completed sooner or otherwise extended.
During the three and six months ended June 30, 2025, the Company repurchased 0 shares of Common Stock. 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 “Exchange Act”).
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.

Repurchase
Plan Amendment

On
October 22, 2024, the Board 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. In addition, the Amendment extended the termination date of the Repurchase Plan from December 31, 2024 to June 30, 2025,
prior to which Common Stock may be repurchased. The Repurchase Plan was not extended and has now expired.

Chromocell
Holdings Share Transfers

On
December 18, 2024, 74,719 shares of Common Stock and 2,600 shares of Series C Preferred Stock held by Chromocell Holdings were
transferred by the Company to Alexandra Wood (Canada) Inc. (“AWI”) in satisfaction of a default judgement against
Chromocell Holdings regarding the default by Chromocell Holdings of a secured promissory note by order of the Supreme Court of
the State of New York, County of New York on November 25, 2024 in the matter Alexandra Wood (Canada) Inc v. Chromocell Corp.,
Index No. 651735/2024. AWI subsequently transferred 17,300 shares of Chromocell Holding’s Common Stock that it received
such that AWI now owns 57,419 shares of the Common Stock originally issued to Chromocell Holdings in connection with the Contribution
Agreement.

Securities
Purchase Agreement

Concurrently
with the execution of the Merger Agreement, the Company entered into a securities purchase agreement (the “Securities Purchase
Agreement”) with LNHC