Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 199

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 199
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 or seeking to prevent the completion of the Business Combination. Each party’s obligation to complete the Business Combination is

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also subject to certain additional customary conditions. These conditions to the closing may not be fulfilled in a timely manner or at all, and, accordingly, the Business Combination may not be completed.

Iris’s ability to consummate the Business Combination may be negatively impacted because neither the Iris Board nor any committee of the Iris Board obtained a fairness opinion in determining whether or not to pursue the Business Combination, and as a result, the terms may not be fair from a financial point of view to Iris’s stockholders.

Neither the Iris Board nor any committee of the Iris Board is required to obtain an opinion from an independent investment banking or accounting firm regarding the value of Liminatus or that the price that Iris is paying for Liminatus in the Business Combination is fair to Iris or its stockholders from a financial point of view. In analyzing the Business Combination, the Iris Board conducted due diligence on Liminatus. It also consulted with Liminatus’s management and legal counsel, financial advisors and other advisors and considered a number of factors, uncertainties and risks, including, but not limited to, those discussed under “ Proposal No. 1 — The Business Combination Proposal — The Iris Board’s Reasons for the Approval of the Business Combination ,” and concluded that the Business Combination was in the best interest of Iris’s stockholders. The Iris Board believes that because of the skills and background of its directors, it was qualified to conclude that the Business Combination was fair from a financial perspective to its stockholders and that Liminatus’s fair market value was at least 80% of the balance of the funds in the Trust Account (excluding any taxes payable). Accordingly, investors will be relying solely on the judgment of the Iris Board in valuing Liminatus, and the Iris Board may not have properly valued Liminatus. As a result, the terms may not be fair from a financial point of view to Iris’s stockholders. The lack of a fairness opinion may also lead an increased number of Iris’s stockholders to vote against the Business Combination or demand redemption of their Iris Class A Common Stock, which could potentially impact Iris’s ability to consummate the Business Combination.

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### UNAUDITED PRO FORMA COMBINED FINANCIAL INFORMATION
Defined terms included below have the same meaning as terms defined and included elsewhere in