Pelthos Therapeutics Inc. (PTHS): debt financing — Channel Therapeutics issues $325K promissory note to 3i, L.P. at $250K purchase price

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 Eve