Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 230

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 230
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, whereby Iris evaluated a large number of potential targets utilizing the investing, operating and transaction experience of Iris’s management team, advisory partners and the Iris Board. The terms of the Business Combination are the result of arm’s-length negotiations between representatives of Iris and representatives of Liminatus. The following is a brief discussion of the background of these negotiations, the Business Combination Agreement and related transactions.

Prior to the pricing of the IPO, neither Iris, nor any authorized person on its behalf, initiated any substantive discussions, formal or otherwise, with respect to a business combination involving Liminatus.

On March 9, 2021, Tribe Capital Growth priced its initial public offering of 27,600,000 units, including 3,600,000 units issued pursuant to the exercise of the underwriters’ over-allotment option in full at an offering

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price of $10.00 per unit. Each unit consists of one share of Class A common stock of Tribe Capital Growth at par value $0.0001 per share and one-fourth of one redeemable warrant of Tribe Capital Growth, with each whole warrant entitling the holder thereof to purchase one share of Class A common stock of Tribe Capital Growth for $11.50 per share. The units were sold at a price of $10.00 per unit, generating gross proceeds to Tribe Capital Growth of $276,000,000. The Tribe Capital Markets, LLC (“Tribe Capital”) team was appointed as the management of Tribe Capital Growth.

Following the consummation of the IPO, Tribe Capital Growth’s management and directors commenced an active, targeted search for potential business combination targets. The focus of this search was top-decile private technology companies exhibiting inflection points in their growth and potential to scale towards outsized outcomes with long-term venture capital.

Iris and Iris’s third-party advisors engaged in varying levels of discussions, due diligence, evaluation, analysis and negotiations with 8 potential business combination targets. The level of diligence varied based on data room access granted by the potential targets; satisfying Iris’s selection criteria; preparedness and receptivity with respect to a business combination and the terms on which a target was willing to consider a potential De-SPAC transaction. Due diligence included, among other things, a review of information contained in online data rooms, presentations and discussions with the potential targets’ management, potential target’s business, product pipeline, technology, historical performance, management team (ability to lead a public company)