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Channel Therapeutics Announces Reverse Common Stock Split in Conjunction with the Close of the Merger with Pelthos Therapeutics and Concurrent $50.1 Million Private Placement

Core Viewpoint - Channel Therapeutics Corporation announced a 10-for-one reverse stock split to increase the market price per share and meet NYSE American listing requirements in connection with a merger and capital raise of approximately $50 million [1][2][11] Group 1: Reverse Stock Split Details - The reverse stock split will be effective before market open on July 1, 2025, with trading on a split-adjusted basis starting July 2, 2025, under the new name "Pelthos Therapeutics Inc." [2] - The reverse stock split will convert every 10 shares of common stock into one share, reducing the number of outstanding shares from approximately 6,485,007 to about 648,501 shares [3] - Stockholders' percentage ownership will remain unchanged, and no fractional shares will be issued; fractional shares will be rounded up [4] Group 2: Company Information and Future Plans - Channel Therapeutics is focused on developing non-opioid, non-addictive therapeutics for pain relief, targeting the sodium ion-channel NaV1.7 for various pain types [7] - The trading symbol for the common stock will remain "CHRO" until the completion of the proposed transactions, after which it will change to "PTHS" [5] - Additional information regarding the reverse stock split and proposed transactions can be found in the Company's filings with the SEC [6][8]