Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 189

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 189
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) the potential royalties on ZELSUVMI and other Channel products that would be paid to equity financing partners, and (5) potential financing structures (including bridge financing) that could enable LNHC to fund the launch of ZELSUVMI prior to the closing of the Transactions.

Between January 3, 2025 and January 11, 2025, Mr. Baxter and Mr. Knuettel engaged in at least three conversations to further negotiate the material open items in the draft Term Sheet, including the terms of the Merger and the terms of the equity financing to be provided by Ligand, Murchinson and certain other third parties.

On January 13, 2025, representatives from LNHC, Channel, Murchinson, Sullivan, Latham & Watkins LLP (“Latham”) as outside counsel to Ligand, and Kelley Drye & Warren LLP (“Kelly Drye”) as outside counsel to Murchinson, discussed the structure of the proposed Merger and equity financing, which had then become a potential concurrent PIPE Financing.

On February 6, 2025, following discussion, the Special Committee authorized Channel to proceed with execution of the Term Sheet.

On February 6, 2025, Channel, Ligand and a Murchinson investment fund executed the Term Sheet.

On February 7, 2025, the parties to the transaction held a formal kick-off call with representatives of Channel, Sullivan, Ligand, Latham, Murchinson and Kelley Drye in attendance. The parties discussed transaction timing and process, key documentation and due diligence.

On February 17, 2025, representatives of Sullivan, on behalf of Channel, delivered an initial draft of the Merger Agreement to Ligand, Latham, Murchinson and Kelly Drye.

On February 19, 2025, representatives of Latham, on behalf of Ligand, delivered a due diligence request list regarding Channel’s operations to Channel and Sullivan.

On February 20, 2025, representatives of Kelly Drye, on behalf of Murchinson, delivered an initial draft Purchase Agreement and ancillary documents for the PIPE Financing to Ligand, Latham, Channel and Sullivan.

Also on February 20, 2025, Mr. Knuettel and John Gay, Chief Financial Officer of LNHC, had a call to discuss the status of LNHC’s audited financials and the LNHC Projections.

On February 25, 2025, representatives of Sullivan communicated to representatives of Latham that Channel would