Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 315

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 315
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 prospective target businesses or other entities with which Iris does business (other than its independent registered public accounting firm) execute agreements with Iris waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. The Sponsor will also not be liable as to any claims under Iris’s indemnity of the underwriter of its IPO against certain liabilities, including liabilities under the Securities Act. Iris will have access to up to approximately $358,181 of proceeds held outside the Trust Account (as of September 30, 2024) with which to pay any such potential claims (including costs and expenses incurred in connection with Iris’s liquidation, currently estimated to be no more than approximately $100,000). In the event that Iris liquidates and it is subsequently determined that the reserve for claims and liabilities is insufficient, stockholders who received funds from Iris’s Trust Account could be liable for claims made by creditors.

Under the DGCL, stockholders may be held liable for claims by third parties against a corporation to the extent of distributions received by them in a dissolution. The pro rata portion of the funds in Iris’s Trust Account distributed to its public stockholders upon the redemption of its shares of Iris Class A Common Stock in the event Iris does not complete a business combination or amend the Iris Certificate of Incorporation by March 31, 2025 (subject to an additional three month extension at the discretion of the Board) may be considered a liquidating distribution under Delaware law. If the corporation complies with certain procedures set forth in Section 280 of the DGCL intended to ensure that it makes reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims can be brought against the corporation, a 90-day period during which the corporation may reject any claims brought, and an additional 150-day waiting period before any liquidating distributions are made to stockholders, any liability of stockholders with respect to a liquidating distribution is limited to the lesser of such stockholder’s pro rata share of the claim or the amount distributed to the stockholder, and any liability of the stockholder would be barred after the third anniversary of the dissolution.

Furthermore, if the pro rata portion of the funds in the Trust Account distributed to Iris’s public stockholders upon the redemption of its Iris Class A Common Stock in the event Iris does not complete a business combination or amend the Iris Certificate of Incorporation by March 31, 2025 (subject to an additional three month extension at