Company: PTPI
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001410578-25-000047
Chunk: 268

Company: Petros Pharmaceuticals, Inc.
Filing Date: 2025-01-24
Form: S-1
Chunk 268
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 30, 
 2023          
 As Reported   
 ​             |         ​ | ​ 
 ​ | ​          
 ​          
 ​          
 Adjustment 
 ​          |       ​ 
       ​ 
       ​ | ​ 
 ​ | ​             
 September 30, 
 2023          
 As Restated   
 ​             |         ​ |
|:----------------------------------------------------------------------|:--|:--------------|----------:|:--|:-----------|--------:|:--|:--------------|----------:|
| Accretion of Series A convertible preferred stock to redemption value | ​ | $             | 1,250,000 | ​ | $          | -96,154 | ​ | $             | 1,153,846 |

19) Subsequent Events On October 1, 2024, the Company failed to make the required payment due pursuant to the Note and related Security Agreement with Vivus in the amount of $ 0.5million, constituting an Event of Default (as defined in the Note) under the Note and Security Agreement. Pursuant to the terms of the Note, upon and at all times after the occurrence of any Event of Default, all principal outstanding under the Note will bear interest at a rate of 9% per year until the full and final payment of all principal and interest under the Note is paid (regardless of whether any default is waived or cured). Further, Vivus, at its option, may declare any or all amounts owing under the Note (whether principal, interest, or otherwise), to be due and payable, and, subject to the terms of the Security Agreement, foreclose

F-53

on the Collateral, which includes the Company’s Stendra® API and products and the Company’s rights under the License Agreement. As a result of the Event of Default, the Company accrued an additional $ 50,000of interest expense. On October 1, 2024, John Shulman, who served as a member of the Board, tendered his resignation from his role as director of the Company, effective as of October 1, 2024. Mr. Shulman’s resignation from the Board was not in connection with any disagreement between Mr. Shulman and the Company, its management, the Board or any committee of the Board on any matter relating to the Company’s operations, policies or practices, or any other matter. On October 2, 2024, Greg Bradley, who served as a member of the Board tendered his resignation from his role as