Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 309

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 309
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 will indemnify Iris for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

In the event that the proceeds in the Trust Account are reduced below the lesser of: (i) $10.00 per share of Iris Class A Common Stock and (ii) the actual amount per share of Iris Class A Common Stock held in

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the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per share due to reductions in the value of the trust assets, in each case less taxes payable, and the Sponsor asserts that it is unable to satisfy its indemnification obligations or that it has no indemnification obligations related to a particular claim, Iris’s independent directors would determine whether to take legal action against the Sponsor to enforce its indemnification obligations. While Iris currently expects that its independent directors would take legal action on Iris’s behalf against the Sponsor to enforce its indemnification obligations to Iris, it is possible that Iris’s independent directors in exercising their business judgment may choose not to do so in any particular instance. Accordingly, Iris cannot assure you that due to claims of creditors the actual value of the per-share redemption price will not be less than $10.00 per share.

Iris will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which Iris does business (other than its independent registered public accounting firm) execute agreements with Iris waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. The Sponsor will also not be liable as to any claims under Iris’s indemnity of the underwriter of its IPO against certain liabilities, including liabilities under the Securities Act. Iris will have access to up to approximately $358,181 of proceeds held outside the Trust Account (as of September 30, 2024) with which to pay any such potential claims (including costs and expenses incurred in connection with Iris’s liquidation, currently estimated to be no more than approximately $100,000). In the event that Iris liquidates and it is subsequently determined that the reserve for claims and liabilities is insufficient, stockholders who received funds from Iris’s Trust Account could be liable for claims made by creditors.

Under the DGCL, stockholders may be held liable for claims by third parties against a corporation to the extent of distributions received by