Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1455

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7A
Chunk 1455
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 notes, pursuant to which we are required to file a registration statement within 180 calendar days after consummation
of the IPO, providing for the resale of Common Stock received by holders of the notes upon conversion of such notes. Additionally,
we entered into a subordination and intercreditor agreement, effective September 1, 2023, with the holders of the senior secured
convertible notes issued in the April Bridge Financing, pursuant to which those notes and certain liens of the Company will be
subordinated to the rights of the holders of the notes issued in the September Bridge Financing.

On
October 12, 2023, we and four existing investors entered into the October Promissory Notes with an aggregate face amount of $210,000
and an aggregate purchase price of $175,000. The October Promissory Notes mature on November 12, 2023 or, if earlier to occur,
upon the closing of the IPO. The October Promissory Notes bear no interest except in the case of certain events of default. On
November 7, 2023, we amended and restated the October Promissory Notes to extend the maturity dates of the October Promissory
Notes to November 17, 2023. On November 13, 2023, we amended and restated the October Promissory Notes to further extend the maturity
dates of the Promissory Notes to February 29, 2024. The October Promissory Notes were repaid on February 26, 27 and 28, 2024.

On
November 22, 2023, we commenced the Rights Offering pursuant to which we distributed Subscription Rights to each holder of our
Common Stock held as of the Rights Offering Record Date. The Subscription Rights could be exercised at any time during the subscription
period, which commenced on November 22, 2023 and expired at 5:00 p.m., Eastern Standard Time, on December 1, 2023. The Subscription
Rights were offered to all of our pre-existing stockholders, including Aperture Healthcare Ventures Ltd., MDB Merchants Park LLC,
Balmoral and AME Equities LLC (each a related party based on share ownership in excess of 5%, or resulting from a principal at
one of the entities being on the Company’s board of directors), and each participated and exercised their Subscription Rights
to purchase an aggregate of 1,211,238 shares of Common Stock at the Subscription Price. In addition