Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 101

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 101
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 us to sell equity securities in the future at a time and at a price that we deem appropriate.

All
of the shares of Common Stock in the IPO are immediately tradable without restriction under the Securities Act, except for any
securities held by “affiliates,” as that term is defined in Rule 144 under the Securities Act, or Rule 144.

The
remaining shares of Common Stock of the Company outstanding, other than the 2,969,823 shares (the “Selling Stockholder Shares”)
of Common Stock that we have registered on behalf of certain selling stockholders (the “Selling Stockholders”) identified
in a separate prospectus (the “Resale Prospectus”) and which may be resold by such Selling Stockholders from time
to time, are restricted securities within the meaning of Rule 144 under the Securities Act but will be eligible for resale subject
to applicable volume, means of sale, holding period and other limitations of Rule 144 under the Securities Act or pursuant to
an exception from registration under Rule 701 under the Securities Act, subject to the lock-up agreements executed in
conjunction with the IPO.

In
addition, we have registered the Selling Stockholder Shares pursuant to the Resale Prospectus and, as a result, all of the Selling
Stockholder Shares are freely tradable under the Securities Act, subject to the terms of the lock up agreements.

We
intend to file one or more registration statements on Form S-8 under the Securities Act to register the shares of Common
Stock to be issued under Channel Therapeutics Corporation 2023 Equity Incentive Plan, as amended (the “2023 Plan”)
and, as a result, all shares of Common Stock acquired under our plans will also be freely tradable under the Securities Act, subject
to the terms of any lock-up agreements, unless purchased by our affiliates. In addition, 1,944,444 shares of our Common
Stock will be reserved for future issuances under the equity incentive plan that we have adopted. 

In
connection with the Bridge Financings (defined below), we were required to file a registration statement within 180 calendar days
after the consummation of the IPO, providing for the resale of Common Stock, which includes 549 Bonus Shares (as defined below),
received by holders of the senior secured convertible notes upon conversion of such notes. As of March 26, 2025, the Company
has