Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 339

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 339
---
 $9,424,965 which was a result of Iris Class A Common Stock that was redeemed in September 2023 in the amount of $10,358,754, the 2023 adjustment to share price for shares redeemed in December 2022 in the amount of $298,431, which was offset by net proceeds from the promissory note from a related party of $413,720 and proceeds from a promissory note from Liminatus of $818,500.

For the year ended December 31, 2022, net cash used in financing activities was $262,923,913, which was a result of the Iris Class A Common Stock that was redeemed in December 2023 in the amount of $263,963,913, partially offset by proceeds from the promissory note from a related party for $1,040,000.

In connection with Iris’s assessment of going concern considerations in accordance with FASB Accounting Standards Update (“ASU”) 2014-15, Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern, management has determined that Iris has and will continue to incur significant costs in pursuit of its acquisition plans, which raises substantial doubt about Iris’s ability to continue as a going concern. Moreover, Iris may need to obtain additional financing either to complete its initial business combination or because it becomes obligated to redeem a significant number of its public shares upon consummation of its initial business combination, in which case Iris may issue additional securities or incur debt in connection with such business combination. Subject to compliance with applicable securities laws, Iris would only complete such financing simultaneously with the completion of its initial business combination. If Iris is unable to complete its initial business combination because it does not have sufficient funds available to it, Iris will be forced to cease operations and liquidate the Trust Accounts. In addition, following its initial business combination, if cash on hand is insufficient, Iris may need to obtain additional financing in order to meet its obligations.

Management has determined that if Iris is unable to complete a business combination or amend the Iris Certificate of Incorporation by December 31, 2024 (the “Combination Period”), then Iris will cease all operations except for the purpose of liquidating. The date for mandatory liquidation and subsequent dissolution as well as Iris’s working capital deficit raise substantial doubt about Iris’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities should Iris be required to liquidate after the Combination Period.