Company: PTHS
Filing Date: 2025-05-09
Form Type: PREM14C
Source: 0001140361-25-018219
Chunk: 15

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-09
Form: PREM14C
Chunk 15
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, representing approximately 65.04% of the aggregate voting power of the outstanding Channel common stock entitled to vote thereon, executed the Stockholder Approval and delivered the related Written Consent. No further action by any other Channel stockholder is required under applicable law, The NYSE American listing rules or the Transaction Agreements (or otherwise) in connection with the adoption of the Transaction Agreements. As a result, Channel is not soliciting your vote for the adoption of the Transaction Agreements or approval of the Transactions and will not call a stockholders’ meeting for purposes of voting on the adoption of the Transaction Agreements or approval of the Transactions. No action by the stockholders of Channel is required to complete the Transactions and all requisite corporate action by and on behalf of Channel, LNHC and Merger Sub required to complete the Transactions have already been taken. If any of the Transaction Agreements is terminated in accordance with its terms, the Written Consent will be of no further force and effect.

For more information, see the section entitled “ The Merger — Written Consent of Holders of Channel Common Stock ” beginning on page 128 .

**Opinion of M&N Sarchet to the Channel Special Committee and Channel Board of Directors**

**Immediately prior to the Effective Time, each share of LNHC capital stock will be converted into the right to receive a number of shares of Series A Preferred Stock of Channel equal to the exchange ratio pursuant to the Merger Agreement. In connection with the Merger, M&N Sarchet delivered the Fairness Opinion to the Special Committee and the Channel board of directors as to the fairness, from a financial point of view and as of the date of such opinion, of the Merger Partner Valuation (as defined in the Fairness Opinion) used to calculate the exchange ratio described in more detail in the section titled “ The Merger-Exchange Ratio ” beginning on page 125 of this information statement. The full text of the Fairness Opinion, which describes the procedures followed, assumptions made, matters considered, and qualifications and limitations on the review undertaken by M&N Sarchet in connection with the Fairness Opinion, is attached as Annex F to this document.

The Fairness Opinion was for the information of, and was directed to, the Special Committee and the Channel board of directors (in its capacity as such) for its information and assistance in connection with its consideration of the financial terms of the Merger. The Fairness Opinion addressed only the fairness, from a financial perspective, to Channel of the Mer