Company: PTHS
Filing Date: 2025-03-03
Form Type: 8-K
Source: 0001753926-25-000376
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Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-03
Form: 8-K
Item: Item 1.01
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Item
1.01 Entry into a Material Definitive Agreement

On
February 25, 2025, Channel Therapeutics Corporation (the “ Company”) issued an unsecured promissory note in the aggregate
principal amount of $325,000 (the “ Note”) to 3i, L. P., a Delaware limited partnership (the “ Holder”), for a purchase
price of $250,000, pursuant to which the Company promises to pay the Holder or its registered assigns the principal sum of $325,000 or
such amount equal to the outstanding principal amount of the Note together with interest. The Note will bear interest on the outstanding
principal amount at an annual rate equal to 6.0%. The Note may be prepaid by the Company without penalty, in whole or in part, upon two
days’ prior written notice to the Holder. All unpaid principal, together with any then unpaid and accrued interest and other amounts
payable under the Note, will otherwise be due and payable on the earliest of: (i) May 25, 2025, (ii) the consummation of a Corporate
Event (as defined in the Note), or (iii) when, upon or after the occurrence of an Event of Default (as defined in the Note), such amounts
are declared due and payable by the Holder or made automatically due and payable in accordance with the terms of the Note.

A
copy of the Note is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. The foregoing
description of the Note does not purport to be complete and is subject to, and is qualified in its entirety by, the full text of the
Note.

Item
2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The
disclosure contained in Item 1.01 is incorporated by reference in this Item 2.03.

Item
9.01. Financial Statements and Exhibits