Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 306

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 306
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 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.

Pursuant to the Letter Agreement, the Sponsor, officers and directors have waived their rights to liquidating distributions from the Trust Account with respect to any Founder Shares held by them if Iris fails to 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). However, if the Sponsor or Iris’s management team acquires Iris Class A Common Stock in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such Iris Class A Common Stock if Iris fails to 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). Such Letter Agreement will be terminated at closing.

Also pursuant to the Letter Agreement, the Sponsor, officers and directors have agreed that they will not propose any amendment to the Iris Certificate of Incorporation: (i) to modify the substance or timing of Iris’s obligation to redeem 100% of its Iris Class A Common Stock if it 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), or (ii) with respect to any other material provision relating to stockholders’ rights or pre-business combination activity, unless Iris provides its public stockholders with the opportunity to redeem their Iris Class A Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (net of permitted withdrawals and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding shares of Iris Class A Common Stock.

Iris expects that all costs and expenses associated with implementing any plan of dissolution, as well as payments to any creditors, will be funded from any interest accrued in the Trust Account not required to pay taxes up to $100,000.

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