Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 187

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 187
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 the extent the Special Committee deems it appropriate, report to the full Channel board of directors its recommendations and conclusions with respect to the Transactions, including a recommendation and determination as to whether the Transactions are advisable and in the best interests of Channel and Channel stockholders and should be approved or rejected by the full Channel board of directors; (h) in connection with its recommendation to the full Channel board of directors, communicate (including, but not limited to, communications with the stockholders, management, advisors and representatives of Channel) regarding the Transactions; (i) following the execution of any agreements relating to the Transactions, if any, take any other actions contemplated by such agreements to be taken by the Special Committee, including to take (or determine not to take) actions with respect to any intervening event; (j) to the fullest extent permitted by Nevada law, as amended from time to time, exercise any other power or authority that may be otherwise exercised by the Channel board of directors that the Special Committee may determine to be necessary or advisable to carry out and fulfill its duties and responsibilities; and (k) determine to elect not to pursue the Transactions. On November 14, 2024, Ligand and Channel executed a customary mutual non-disclosure agreement. On November 15, 2025, Mr. Baxter sent Mr. Knuettel the sales forecast and P&L model, the brand plan, the pricing research proposal and clinical information on ZELSUVMI. Between November 13, 2024 and February 6, 2024, Mr. Knuettel engaged in ongoing discussions with the Special Committee and provided the Special Committee with multiple updates regarding the negotiation and finalization of the draft Term Sheet. On November 18, 2025, Mr. Baxter and Mr. Knuettel engaged in a detailed discussion regarding LNHC’s business plan, product, manufacturing and supply process, market access, personnel and other aspects of the business and potential merger. On November 21, 2024, Mr. Knuettel and Mr. Plesha had an introductory call to discuss the potential merger. On November 25, 2024, Mr. Knuettel led an in-person discussion and due diligence meeting with Ezra Friedberg of the Special Committee, Marc Manuel, seven (7) officers and/or employees of Ligand, 1and a representative from Raymond James, which was held at the LNHC facility in Durham, North Carolina. On December 4, 2024, Mr. Knuettel and Mark