Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 238

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 238
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 discussed such reports with Liminatus. Additional discussions between Iris, Liminatus, and their respective legal teams resulted in continued progress on the Business Combination Agreement, PIPE Agreement, Convertible Note Subscription Agreement and Equity Subscription Agreement.

From November 20 through November 28, 2022, Iris engaged with its advisors to prepare a presentation for the Iris Board (which presentation included an assessment of market comparables, material due diligence findings, and company valuation and sector analysis).

From November 29 through November 30, 2022, Iris, in discussion with its legal advisors, prepared Iris’s portion of the disclosure schedules to the Business Combination Agreement, along with certain other ancillary documents related thereto. Additionally, Iris engaged with Liminatus to address queries brought forward by the Iris Board. Subsequent to such queries being answered, the Iris Board provided its approval to enter into the Business Combination Agreement. Following the approval of the Iris Board, the Business Combination Agreement was executed.

From November 1, 2022, the date on which the parties executed the Business Combination LOI, through November 30, 2022, the date on which the parties executed the Business Combination Agreement, certain material terms of the Business Combination Agreement changed. These changes were the result of (i) ordinary course negotiations among the parties to the Business Combination Agreement; and (ii) Iris’s continued due diligence efforts on Liminatus. Iris's approach toward the negotiations was informed through consultation with subject-matter experts. We have summarized the material changes below:

•

It was contemplated by the Business Combination LOI that the Sponsor would retain only a portion of the Founder Shares and private placement warrants (while forfeiting or transferring the remainder

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of each). The terms of the transaction changed over the course of negotiations and the Business Combination Agreement now states that the Sponsor will retain all of the Founder Shares, while forfeiting all of the private placement warrants.

•

It was contemplated by the Business Combination LOI that the Business Combination Agreement would include earnout provisions — providing that each of the Sponsor and Liminatus would receive shares following certain post-closing milestones being achieved. The parties ultimately agreed to not include the earnout provisions in the Business Combination Agreement.

•

The transaction terms evolved to require that at closing Iris shall repay indebtedness owed to the Sponsor out of amounts held in the Trust Account, with respect to any repayment for taxes, and the PIPE Investment, with respect to all other amounts owed to the Sponsor.