Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 247

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 247
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 the amendment to Channel’s articles of incorporation to increase the number of authorized shares of Channel common stock and the amendment to Channel’s articles of incorporation to change the name of Channel to “Pelthos Therapeutics Inc.”; |

| • | after the receipt by Channel of an Acquisition Proposal and LNHC’s subsequent request in writing that the Channel board of directors reconfirm its recommendation to Channel stockholders to solicit their approval of the required Channel stockholder approvals, fail to reconfirm its recommendation within ten business days after its receipt of LNHC’s request; |

| • | fail to recommend against acceptance of a tender offer within ten business days after commencement; or |

| • | propose publicly to approve, endorse, adopt or recommend, or approve, endorse, adopt or recommend any Acquisition Proposal. |

However, notwithstanding the foregoing, at any time prior to the Effective Time, with respect to a Superior Proposal, the Channel board of directors may make a Channel board of directors recommendation change if:

| • | the Channel board of directors determines in good faith, after consultation with outside legal counsel, that the failure to make a Channel board of directors recommendation change would reasonably be expected to be inconsistent with its fiduciary duties under applicable law; |

| • | Channel has provided at least four business days’ prior written notice to LNHC that it intends to effect a Channel board of directors recommendation change and written copies of any relevant proposed transactions agreements with any party making a potential Superior Proposal, including the identity of the person making such Superior Proposal; |

| • | Channel has complied in all material respects with the non-solicitation provisions of the Merger Agreement in connection with any potential Superior Proposal; |

| • | Channel has, and has caused its financial advisors and outside legal counsel to, during the applicable four business days period, negotiate with LNHC in good faith to make such adjustments to the terms and conditions of the Merger Agreement so that such Acquisition Proposal cases to constitute a Superior Proposal (to the extent LNHC desires to negotiate); and |

| • | if after LNHC has delivered to Channel a written, binding and irrevocable offer to alter the terms or conditions of the Merger Agreement during the applicable four business day notice period, the Channel |

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board of directors has determined in good faith, after consultation with outside legal counsel and after considering the terms of such offer by LNHC, that the failure to effect a Channel board of directors recommendation change would reasonably be expected to be inconsistent with its fiduciary duties under