Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 207

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 207
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 to be introduced into evidence or referred to in any litigation pertaining to matters relating to the Merger Agreement and covered in the Fairness Opinion; provided, however, that notwithstanding the foregoing, (a) the Channel board of directors shall provide, upon request, a copy of the Fairness Opinion or a summary of it (and M&N Sarchet shall have the right to review and approve any such summary, such approval not be unreasonably withheld, conditioned or delayed) to (i) the Channel board of directors and (ii) any Channel stockholders as determined from time to time by the Channel board of directors.

Channel will give M&N Sarchet written notice at least three business days in advance of such use in any litigation or the Fairness Opinion (or the summary) being provided to any stockholder. The Fairness Opinion was provided to the Special Committee and the Channel board of directors for its evaluation and analysis of the Merger Agreement at or prior to the time Channel executed the Merger Agreement and related documents, and M&N Sarchet is not required to update the Fairness Opinion as of a later date, anything to the contrary contained therein notwithstanding.

The material in the Financial Opinion may not be reprinted in whole or in part without the prior express written consent of M&N Sarchet. The Special Committee and the Channel board of directors alone contracted for and are the intended beneficiaries of the Fairness Opinion. The Fairness Opinion may not be relied upon by any other person or entity without M&N Sarchet’s prior express written consent. Any use which any third party makes of the Fairness Opinion, or any reliance on it, or decision to be made based upon it, are the responsibilities of that party. The Fairness Opinion was subject to the Statement of Assumptions and Limited Conditions attached thereto.

M&N Sarchet had not been requested to opine as to, and the Fairness Opinion does not express an opinion as to or otherwise address, among other things: (i) the underlying business decision of the Special Committee, the Channel board of directors, Channel’s security holders, LNHC or any of the other parties to the Merger Agreement to proceed with or effect the Merger, (ii) the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Merger Agreement or otherwise (other than the Merger Partner Valuation to the extent expressly specified therein), (iii)