--- title: "Channel Therapeutics (now Pelthos) sets 10-for-one reverse split ahead of merger" url: "https://aibio.space/news/channel-therapeutics-now-pelthos-sets-10-one-reverse-split-ahead/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-07-02" section: "Mergers" tickers: "AMEX:PTHS" source: "https://www.sec.gov/Archives/edgar/data/1919246/000175392625001055/g084856_ex99-1.htm" summary: "Channel Therapeutics will cut its share count from about 6,485,007 to about 648,501 in a 10-for-one reverse split before its merger with LNHC and a roughly" --- By the aibio.space news desk. Sources - [Pelthos Therapeutics Inc. 8-K (2025-07-02)](https://www.sec.gov/Archives/edgar/data/1919246/000175392625001055/g084856_ex99-1.htm) [PTHS](https://aibio.space/companies/pelthos-therapeutics/) 2025-07-02 # Channel Therapeutics (now Pelthos) sets 10-for-one reverse split ahead of merger Tickers [PTHS](https://aibio.space/companies/pelthos-therapeutics/) Channel Therapeutics will cut its share count from about 6,485,007 to about 648,501 in a 10-for-one reverse split before its merger with LNHC and a roughly $50 million raise led by Murchinson. The company says the split is meant to help it meet NYSE American initial listing requirements. ## Key facts - **Company**: Pelthos Therapeutics Inc. (AMEX: PTHS) - **News type**: Mergers - **Primary source**: [Pelthos Therapeutics Inc. 8-K (2025-07-02)](https://www.sec.gov/Archives/edgar/data/1919246/000175392625001055/g084856_ex99-1.htm) *A red price chart on a screen. CC0, via rawpixel. The picture shows the field, not the companies named.* ## The split Channel Therapeutics Corporation (NYSE American: CHRO) of Freehold, New Jersey, announced on June 27, 2025 a 10-for-one reverse split of its common stock. The release says every 10 issued and outstanding shares will become one share at the effective time, which it expected before market open on July 1, 2025. The release says the split will reduce the share count from approximately 6,485,007 to approximately 648,501, before fractional share adjustments. Stockholders approved a reverse split on April 16, 2025, at a ratio in the range of 5-for-one to 25-for-one. The board of directors then chose the final ratio. The release says each stockholder's percentage ownership will stay the same, and that fractional shares will be rounded up at the participant level with The Depository Trust Company. ## Why the split The release says the split is intended to increase the market price per share and to help the company satisfy the initial listing requirements of the NYSE American in connection with the expected merger. Its forward-looking statements list the risk that the combined company will not satisfy the NYSE American initial listing requirements, or will not keep meeting its standards later. The release does not give the current share price or the specific listing requirement the company does not yet meet. ## The merger and the raise The planned transaction has two parts. CHRO Merger Sub, Inc., a wholly owned subsidiary of Channel, will merge with and into LNHC, Inc. At the same time, the company expects to raise approximately $50 million from a group of strategic investors led by Murchinson. The release calls the combined transaction the Proposed Transactions and says they remain subject to completion. The release headline calls it a $50.1 million private placement, and the body says approximately $50 million. The release does not name any other investors, placement agent or financial adviser for the raise. ## Trading and ticker The company's common stock is expected to begin trading on a split-adjusted basis on NYSE American under the name Pelthos Therapeutics Inc. at the market open on July 2, 2025. Until the proposed transactions close, the trading symbol remains CHRO. After they close, the symbol is expected to change to PTHS. The new CUSIP number is 171126 204. Holders in book-entry form, or through a bank, broker or nominee, do not need to act. Registered holders will receive information from the transfer agent, Nevada Agency and Transfer Company, about their stock after the split. ## The company before the merger The company's annual report on Form 10-K, filed March 27, 2025, describes Channel as a clinical-stage biotech company focused on alleviating pain by selectively targeting the NaV1.7 sodium ion channel, which the company says has been genetically validated as a pain receptor. It says it has formally launched three pain programs, all based on the same proprietary molecule, CC8464. The 10-K describes early-stage work, not a marketed product. The acute pain program is a nerve block formulation. In December 2024 the company announced that it achieved its endpoints in two pre-clinical in vivo models in rodents, with a depot effect in excess of four days, compared with bupivacaine, the current standard of care. Those are animal results, and the company says it will commence toxicology and CMC work in 2025 and expects to commence a human proof-of-concept trial in early 2026. The eye pain program, CT2000, is a topical formulation for acute and chronic eye pain. The 10-K says the company is running toxicology studies in animals, expected to report by April 2025, and plans a proof-of-concept study in Australia, where it can use a 43.5% tax credit for clinical expenses. It notes that hypersensitivity or skin reactions were seen with systemic administration of CC8464, and argues that topical use should limit systemic absorption. That argument is the company's own. ## What comes next The next steps are the stockholder records update after the split, the July 2 trading start under the Pelthos name, and the closing of the merger and raise. Until the transactions close, the symbol remains CHRO. The release gives no closing date beyond the expected July 1 effective time for the split. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story PTHS Pelthos Therapeutics Inc. AMEX ยท United States Open the starter desk ## More in Mergers Mergers ### [InMed sets November 5 record date for CVRs tied to Mentari merger](https://aibio.space/news/inmed-sets-november-5-record-date-cvrs-tied-mentari-merger/) Oct 27, 2026 Mergers ### [Rallybio declares estimated $82.7 million cash distribution tied to Avenzo merger](https://aibio.space/news/rallybio-declares-estimated-82-7-million-cash-distribution-tied-avenzo/) Oct 26, 2026 Mergers ### [Skye Bioscience files preliminary proxy for its Redx Pharma acquisition](https://aibio.space/news/skye-bioscience-files-preliminary-proxy-redx-pharma-acquisition/) Oct 26, 2026 --- Source page: https://aibio.space/news/channel-therapeutics-now-pelthos-sets-10-one-reverse-split-ahead/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Channel Therapeutics (now Pelthos) sets 10-for-one reverse split ahead of merger", 2025-07-02, https://aibio.space/news/channel-therapeutics-now-pelthos-sets-10-one-reverse-split-ahead/