Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 432

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 432
---
 prior written notice to LNHC. Either party may terminate for the other party’s material breach subject to a notice and cure period or if the other party becomes insolvent or bankrupt.

Ligand Bridge Note

Effective January 1, 2025, LNHC entered into a revolving bridge promissory note with Ligand (the “Ligand Bridge Note”) under which any amounts of cash transfers from Ligand to LNHC, and settlement of LNHC’s expenses directly by Ligand, starting from January 1, 2025, are considered a loan from Ligand to LNHC. The maximum borrowing under the Ligand Bridge Note is $18.0 million. The Ligand Bridge Note will be repaid at the closing of the Merger, and the amount repaid under the Ligand Bridge Note will be offset against Ligand’s funding commitment in the PIPE Financing. The outstanding principal balance under the Ligand Bridge Note bears interest at the rate per annum equal to the rate then-payable on U.S. government treasury bills with a maturity of three (3) months on such date. The Ligand Bridge Note will mature on the later of (i) the closing date of the Merger or (2) 12 months from the effective date of the note.

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#### TABLE OF CONTENTS

### UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
Certain terms used below, but not otherwise defined, in this section shall have the meanings ascribed to them elsewhere in this information statement.

The following unaudited pro forma condensed combined financial information presents the financial information of Channel, adjusted to give effect to the merger with LNHC and the related PIPE Financing, as well as certain other significant pre-closing transactions completed by LNHC, to the extent not yet reflected in LNHC’s historical financial information (as more fully described below). The following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X.

The unaudited pro forma condensed combined balance sheet as of December 31, 2024 combines the historical balance sheets of Channel and LNHC on a pro forma basis as if the Merger, PIPE Financing and certain pre-closing transactions of LNHC had been consummated on December 31, 2024. The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2024 combines the historical statements of operations of Channel and LNHC