Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 2209

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 12
Chunk 2209
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 certain events of default. As of December 31, 2023, there was
an unamortized debt discount of $0. On December 28, 2023, we entered into an amendment to the Director Note, which extended the
maturity date to February 29, 2024.

99 

On
April 17, 2023, we entered into the April Bridge Financing for working capital purposes with various accredited investors, all
of whom are pre-existing stockholders, including Chromocell Holdings, Boswell Prayer Ltd., Motif Pharmaceuticals Ltd, Aperture
Healthcare Ventures Ltd., MDB Merchants Park LLC, Balmoral and AME EQUITIES LLC (each a related party based on share ownership
in excess of 5% or resulting from a principal at one of the entities being on the Company’s board of directors) in the aggregate
principal amount of $389,757, after giving effect to the Representative Affiliate Transactions. During the year ended December
31, 2023, the Company received an aggregate of $303,651 in Advances prior to the close of the April Bridge Financing from certain
of the participating investors. Such Advances accrued interest at a rate of eight percent (8%) per annum until close of the April
Bridge Financing on April 17, 2023, for a total of $19,323 in aggregate interest on all Advances during the year ended December
31. The April Bridge Financing consists of senior secured convertible notes that had a maturity date of October 17, 2023. On October
12, 2023, we entered into a first amendment to the senior secured convertible notes in the April Bridge Financing, which extended
the maturity of the notes to November 1, 2023. On October 24, 2023, we entered into a second amendment to the senior secured convertible
notes in the April Bridge Financing, which extended the maturity of the notes to November 14, 2023. On November 13, 2023, we entered
into a third amendment to the senior secured convertible notes in the April Bridge Financing, which further extended the maturity
of the notes to February 29, 2024. Such notes accrue interest on the unpaid principal amount at a rate of eight percent (8%) per
annum and will automatically convert into 87,109 shares of Common Stock in connection with the IPO at a twenty percent (20%) discount
to the price per IPO Share (based on the