Company: PTHS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001753926-25-000790
Chunk: 52

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 by such affiliates of the Representative in consideration therefor within 30 days of the effective
date of the Stock Rescission Agreement. At September 30, 2024, all such amounts have
been paid pursuant to the Representative Affiliate Transactions and there are no remaining obligations thereto.

On
February 21, 2024, we completed the 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 $5.7 million after deducting approximately $0.9 million in underwriting discounts
and commissions and offering expenses.

In
connection with the completion of the IPO: (A) we effected the Reverse Stock Split, effective as of February 15, 2024 (B) all
600,000 issued and outstanding shares of our Series A Preferred Stock automatically converted into 499,429 shares of Common Stock,
(C) principal in the amount of $389,757, along with accrued interest of approximately $28,336 as of February 21, 2024, outstanding
under our senior secured convertible notes issued in the April Bridge Financing (after giving effect to the Representative Affiliate
Transactions), automatically converted into approximately 87,109 shares of Common Stock, (D) principal in the amount of $197,421,
along with accrued interest of $8,169 as of February 21, 2024, outstanding under our senior secured convertible notes issued in
the September Bridge Financing (after giving effect to the Representative Affiliate Transactions), automatically converted into
approximately 43,385 shares of Common Stock, which includes an additional 549 Bonus Shares issuable as consideration for the September
Bridge Financing, (E) we issued 37,500 shares of Common Stock to an investor as consideration for its previous agreement to provide
funding that is no longer necessary in connection with the IPO, (F) we effected the Representative Affiliate Transactions, (G)
we effected the transactions contemplated by the Holdings Side Letter, and issued an aggregate of 2,600 shares of Series C Preferred
Stock to Chromocell Holdings pursuant thereto, and (H) we issued (i) 93,823 shares to a lender holding the Investor Note and (ii)
29,167 shares to one of our directors holding the Director Note in full satisfaction of our obligations thereunder (in the case
of (A) through (D) and (H) above, based on the IPO price of $6.00