Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 255

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 255
---
IS BOARD UNANIMOUSLY RECOMMENDS THAT IRIS STOCKHOLDERS VOTE “FOR” THE BUSINESS COMBINATION PROPOSAL.

123</div>

TABLE OF CONTENTS

#### PROPOSAL NO. 2 — THE NASDAQ PROPOSAL

### Overview
In connection with the Business Combination and the PIPE Equity Investment, Iris is asking Iris’s stockholders to consider and vote upon a proposal to approve for the purposes of complying with the applicable provisions of Nasdaq Listing Rules 5635(a), (b), (c) and (d) the issuance of shares of ParentCo Common Stock, to the extent such issuance would require stockholder approval under Nasdaq Listing Rules 5635(a), (b), (c) and (d).

#### Reasons for the Approval
We are seeking stockholder approval in order to comply with Nasdaq Listing Rules 5635(a), (b), (c), and (d).

Under Nasdaq Listing Rule 5635(a), stockholder approval is required prior to the issuance of securities in connection with the acquisition of another company if such securities are not issued in a public offering and (A) have, or will have upon issuance, voting power equal to or in excess of 20% of the voting power outstanding before the issuance of common stock (or securities convertible into or exercisable for common stock) or (B) the number of shares of common stock to be issued is or will be equal to or in excess of 20% of the number of shares of common stock outstanding before the issuance of the stock or securities.

Under Nasdaq Listing Rule 5635(b), stockholder approval is required when any issuance or potential issuance will result in a “change of control” of the issuer. Although Nasdaq has not adopted any rule on what constitutes a “change of control” for purposes of Rule 5635(b), Nasdaq has previously indicated that the acquisition of, or right to acquire, by a single investor or affiliated investor group, as little as 20% of the common stock (or securities convertible into or exercisable for common stock) or voting power of an issuer could constitute a change of control.

Under Nasdaq Listing Rule 5635(c), stockholder approval is required prior to the issuance of securities when a plan or other equity compensation arrangement is established or materially amended.

Under Nasdaq Listing Rule 5635(d), stockholder approval is required for a transaction other than a public offering involving the sale, issuance or potential issuance