Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 181

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 181
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 Trust Account and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish the public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of Iris’s remaining stockholders and the Iris Board, liquidate and dissolve, subject, in each case, to Iris’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. In such event, third parties may bring claims against Iris. Accordingly, the proceeds held in the Trust Account could be subject to claims which could take priority over those of Iris’s public stockholders. Therefore, the per-share distribution from the Trust Account in such a situation may be less than approximately $10.00 to Iris public stockholders, due to such claims.

Additionally, if Iris is forced to file a bankruptcy case or an involuntary bankruptcy case is filed against it which is not dismissed, or if Iris otherwise enters compulsory or court supervised liquidation, the proceeds held in the Trust Account could be subject to applicable bankruptcy law, and may be included in its bankruptcy estate and subject to the claims of third parties with priority over the claims of its stockholders. To the extent any bankruptcy claims deplete the Trust Account, Iris may not be able to return to its public stockholders at least approximately $10.00 per share.

Iris’s initial stockholders and management team have agreed to vote in favor of the Business Combination, regardless of how Iris’s public stockholders vote.

The Iris Certificate of Incorporation provides that, if we seek stockholder approval of a business combination, such business combination will be approved if we receive the affirmative vote of a majority of the shares voted at such meeting, including the Founder Shares. Iris’s initial stockholders and management team have agreed to vote any Iris shares owned by them in favor of the proposed Business Combination, including the Business Combination Agreement and the Business Combination Proposal. As of September 30, 2024, Iris’s initial stockholders held 98% of the outstanding voting power of Iris common stock.

Given the 6,900,000 Founder Shares, Iris would need none of the public shares sold in the initial public offering to be voted in favor of the Business Combination in order to have the Business Combination approved. Accordingly, if Iris seeks stockholder approval of the Business Combination, the agreement by our initial stockholders