Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 254

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 254
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032 | ​ | ​ | ​ | ​          | ​ | 100% | ​ | ​ | ​ | ​                                        | ​ | 34,422,793 | ​ | ​ | ​ | ​          | ​ | 100% | ​ | ​ | ​ | ​                             | ​ | 34,335,555 | ​ | ​ | ​ | ​          | ​ | 100% | ​ | ​ |

Percentages may not add to 100% due to rounding. (1) Based on an aggregate of 17,500,000 shares of ParentCo Common Stock, which will be issued as consideration in the Transactions; and does not take into account the dilutive effects of: (i) the exercise of 7,735,555 ParentCo Warrants to purchase ParentCo’s common stock that will be outstanding following the Business Combination or (ii) any equity awards that may be issued under the proposed Incentive Plan following the Business Combination. If the actual facts are different than these assumptions (which is likely), the ownership percentages held by each of our existing stockholders, Sponsor, Iris’s independent directors, Cantor and the Liminatus Members will be different. (2) Assumes no additional stockholders exercise redemption rights. (3) Assumes that an additional 50%, or 87,238 shares, of Iris Class A Common Stock are redeemed for cash. (4) Number of shares determined based on a price of $10.00 per share. Such price is subject to adjustment based on the five day volume-weighted average price prior to the filing of a resale registration statement covering such shares. Satisfaction of 80% Test Nasdaq rules require that our Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted). We refer to this as the 80% of net assets test. As of the date of the execution of the Business Combination Agreement, the balance of the Trust Account was approximately $276 million (excluding taxes payable on the income earned on the Trust Account) and 80% thereof represents approximately $220.8 million. In reaching its conclusion that the proposed Business Combination meets the 80% of net assets test, the Iris Board used as a fair market value the enterprise value of approximately $250 million, which was implied based on the terms of the transactions agreed to by the parties in negotiating the Business Combination