Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 266

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 266
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| (c) | The PIPE Investors shall have duly executed and delivered to Channel each of the transaction documents to which it is a party; |

| (d) | the representations and warranties of the PIPE Investors shall be true and correct in all material respects as of the date when made and as of the closing of the Transactions as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such specific date), and such PIPE Investor shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by the Purchase Agreement to be performed, satisfied or complied with by the PIPE Investors at or prior to the closing of the Transactions; and |

| (e) | all conditions to the closing of the Merger shall have been satisfied or waived (other than the closing of the PIPE Financing and other than those conditions which, by their nature, are to be satisfied at the closing of the transactions contemplated by the Merger Agreement, but subject to the satisfaction of such conditions as of the closing of the transactions contemplated by the Merger Agreement), and the closing of the Merger shall be set to occur substantially concurrently with the closing of the PIPE Financing. |

Amendment and Termination of the Securities Purchase Agreement The Purchase Agreement may be amended only with the written consent of Channel, LNHC, Ligand, and Nomis Bay (for so long as either Ligand or Nomis Bay continues to hold any Channel Series A Preferred Stock or any Channel common stock underlying the Channel Series A Preferred Stock). The Purchase Agreement terminates upon the earlier to occur of (i) such date and time that the of the Merger Agreement is terminated in accordance with its

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#### TABLE OF CONTENTS
terms, (ii) upon the mutual written agreement of Channel, LNHC and a PIPE Investor, (iii) if, on the date of the closing of the Transactions, any of the conditions to closing have not been satisfied as of the time required to be so satisfied or waived by the party entitled to grant such waiver and, as a result thereof, the PIPE Financing is not consummated or (iv) if the closing of the Transactions has not occurred on or before the Outside Date (as defined in the Merger Agreement).

#### Registration Rights Agreement
At the closing of the PIPE Financing, in connection with the Purchase Agreement, Channel will enter into a Registration Rights Agreement with the PIPE Investors. Pursuant to the Registration Rights Agreement, Channel will prepare