Company: PTHS
Filing Date: 2025-05-27
Form Type: DEFM14C
Source: 0001140361-25-020509
Chunk: 185

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-27
Form: DEFM14C
Chunk 185
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 may not contain all of the information that is important to you. You should read carefully this entire information statement for a more complete understanding of the Merger and the Merger Agreement and the other documents to which you are referred in this information statement. See the section titled “Where You Can Find More Information” beginning on page 285 of this information statement.

### Background of the Merger
The following chronology summarizes the key meetings and events that led to the signing of the Merger Agreement. The following chronology does not purport to catalogue every conversation among the Channel board of directors or committees thereof or the representatives (including management) of Channel and other parties.

Since Channel’s IPO in February 2024, the Channel board of directors, together with Channel’s senior management team, regularly reviews Channel’s performance, growth prospects and overall strategic direction and evaluates potential opportunities to strengthen Channel’s business and enhance value for its stockholders. Among other things, these reviews focus on the opportunities and risks associated with Channels’s capital raising strategy, financial condition, strategic relationships and potential long-term strategic options. From time to time, these reviews and evaluations have included an evaluation of Channel’s strategy as a standalone company and potential opportunities for business combinations, partnerships, licensing arrangements, collaborations and other strategic transactions.

On April 3, 2024, Ligand publicly announced via a press release that Ligand had launched Pelthos Therapeutics, a subsidiary focused on the commercialization of ZELSUVMI, led by Scott Plesha as Chief Executive Officer. The press release disclosed that Ligand intended to commercialize ZELSUVMI in partnership with a capital provider or strategic partner.

On November 5, 2024, Francis Knuettel II, Chief Executive Officer and Chief Financial Officer of Channel and Todd Davis, Chairman of the Channel board of directors, discussed opportunities with respect to Channel and potential strategic alternatives and business combination transactions involving both LNHC and Channel.

On November 11, 2024, Mr. Davis, introduced Mr. Knuettel to Richard Baxter, Senior Vice President, Investment Operations of Ligand, to discuss those potential strategic alternatives and business combination transactions.

On November 12, 2024, Mr. Baxter and Mr. Knuettel spoke for the first time alone to discuss the LNHC opportunity and the concept of a potential merger of a subsidiary of Channel with and into LNHC.

Also on November 12, 2024, Anish Mokha of Ligand sent a Non-Confidential Introduction Presentation, dated September