Company: PTPI
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021794
Chunk: 68

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 68
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 and to make a corresponding change to the number of authorized shares of capital stock. The form of the proposed Certificate
of Amendment effecting such increase in the number of authorized shares (the “Share Increase Amendment”) is attached to this
Proxy Statement as .

We currently have a total
of 300,000,000 shares of capital stock authorized under our Charter, consisting of 250,000,000 shares of Common Stock and 50,000,000 shares
of preferred stock. If the Share Increase Proposal is approved by our stockholders, our Board will be authorized, in its discretion, to
file the Share Increase Amendment with the office of the Secretary of State of the Sate of Delaware, which would have the effect of increasing
the number of authorized shares of Common Stock from 250,000,000 to 7,000,000,000 and increasing the number of authorized shares of all
classes of stock from 300,000,000 to 7,050,000,000. The number of shares of authorized preferred stock would remain unchanged.

Background and Purpose of the Proposal

Our Board has determined that
it would be in the Company’s best interests and in the best interests of our stockholders to increase the number of authorized shares
of Common Stock in order to provide the Company with the flexibility to make payments due to the holders of the Series A Preferred Stock
and the Warrants in the form of the applicable Conversion Shares (as defined below) and Warrant Shares (as defined below), and to pursue
all finance and corporate opportunities involving our Common Stock, which may include private or public offerings of our equity securities,
without the need to obtain additional stockholder approvals. Each additional authorized share of Common Stock would have the same rights
and privileges as each share of currently authorized Common Stock.

On February 17, 2025,
the Company entered into an Omnibus Waiver and Notice Agreement (the “Omnibus Waiver”) with the Required Holders (as defined
in the Certificate of Designations) and a Waiver (the “Warrant Waiver” and, together with the Omnibus Waiver, the “Waivers”),
dated as of February 17, 2025, by and among the Company and each Investor. Pursuant to the Waivers, the Required Holders agreed to
waive the requirement that the Company reserve for issuance a sufficient number of shares of Common Stock as required by the Certificate
of Designations, the Series A Purchase Agreement and Warrants (