On November 2, 2021, Biofrontera Inc. (the ?Company?) consummated its initial public offering (?IPO?) of 3,600,000 units (?Units?), each consisting of one share of common stock of the Company, par value $0.001 per share (the ?Shares?) and one warrant of the Company (the ?Warrants?) entitling the holder to purchase one Share at an exercise price of $5.00 per Share. In connection with the consummation of the IPO, on November 2, 2021, Erica Monaco resigned her position on the board of directors of the Company and John J. Borer, Beth J. Hoffman, Ph.D, and Loretta M. Wedge, CPA, CCGMA (collectively, the ?Directors?) were appointed to the board of directors of the Company (the ?Board?). Effective November 2, 2021, each of the Directors was appointed to the Board?s Audit Committee, the Board?s Nominating and Corporate Governance Committee and the Board?s Compensation Committee.