Channel Therapeutics to merge with LNHC in reverse merger; Ligand to own ~55%

Pelthos Therapeutics Inc.

LNHC valued at $67M; Channel at $15M; combined entity renamed Pelthos Therapeutics Inc.
Post-closing ownership: legacy CHRO 7.7%, Ligand 55.1%, other PIPE investors 37.2%.
PIPE financing of $50.1M from Ligand, Nomis Bay, others; convertible at $1.00/share.
New board includes Scott Plesha (CEO), Francis Knuettel II (CFO); lock-up until Dec 31, 2025.
Auditor changed from Marcum to CBIZ; material weaknesses in internal controls continue.

item 1.01 item 3.02 item 4.01 item 5.07 item 7.01 item 8.01 item 9.01

Machine-readable event card

schema_version: secwatch.filing_event.v1
accession: 0001753926-25-000652
form_type: 8-K
ticker: PTHS
cik: 0001919246
company_name: Pelthos Therapeutics Inc.
filed_at: 2025-04-17T23:59:59+00:00
discovered_at: 2026-05-14T18:02:50.468063+00:00
generated_at: 2026-05-23T12:26:02.563646+00:00
sec_items: ["1.01", "3.02", "4.01", "5.07", "7.01", "8.01", "9.01"]
event_type: m_and_a
sentiment: negative
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: high
secwatch_canonical_url: https://secwatch.observer/filing/0001753926-25-000652
json_url: https://secwatch.observer/filing/0001753926-25-000652.json
markdown_url: https://secwatch.observer/filing/0001753926-25-000652.md
text_url: https://secwatch.observer/filing/0001753926-25-000652.txt
edgar_index_url: https://www.sec.gov/Archives/edgar/data/1919246/000175392625000652/0001753926-25-000652-index.htm
edgar_primary_document_url: https://www.sec.gov/Archives/edgar/data/1919246/000175392625000652/g084777_8k.htm
generated_by_model: deepseek-v4-flash:cloud@v2
review_status: machine_generated
human_reviewed: false
corrected: false
correction_note: null
correction_timestamp: null
superseded_by: null

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Source: SEC EDGAR

accession 0001753926-25-000652

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