Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 170

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 170
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 $0.6 million to Chromocell Holdings, and (c) in consideration thereof, we issued to Chromocell Holdings 2,600
shares of Series C Preferred Stock.

On
April 17, 2023, Chromocell Holdings forfeited 133,745 shares of Common Stock as Chromocell Holdings did not fund its pro rata
allocation in the April Bridge Financing, per the terms governing the April Bridge Financing.

On
December 18, 2024, 747,187 shares of Common Stock and 2,600 shares of Series C  Preferred Stock held by Chromocell
Holdings were transferred by the Company to Alexandra Wood (Canada) Inc. (“AWI”) in satisfaction of a default judgement
against Chromocell Holdings regarding the default by Chromocell Holdings of a secured promissory note by order of the Supreme
Court of the State of New York, County of New York on November 25, 2024 in the matter Alexandra Wood (Canada) Inc v. Chromocell
Corp., Index No. 651735/2024. AWI subsequently transferred 173,000 shares of Chromocell Holding’s Common Stock that
it received such that AWI now owns 574,187 shares of the Common Stock originally issued to Chromocell Holdings in connection with
the Contribution Agreement.

On
December 6, 2022, the Company and Mr. Todd Davis, one of our directors, entered into the Director Note for $175,000. The Director
Note has an original issuance discount of $75,000 and matures on December 31, 2023, or, if earlier to occur, upon the closing
of an underwritten offering of securities resulting in at least $15 million in gross proceeds. Mr. Davis, as lender, has the right
but not the obligation to subscribe to the underwritten offering by presenting the Director Note in whole or in part to purchase
such securities as legal tender therefor, on a dollar-for-dollar basis based upon the offering price of such securities to the
public. The Director Note bears no interest except in the case of certain events of default. As of December 31, 2023, there was
an unamortized debt discount of $0. On December 28, 2023, we entered into an amendment to the Director Note, which extended the
maturity date to February 29, 2024.

99 

On
April 17,