Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 178

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 178
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 a total outstanding principal balance of $3,418,500. The Company and Liminatus have finalized formal repayment terms in a promissory note dated October 4, 2023, as amended. Pursuant to the promissory note, the principal balance of the note will be due at the closing of the Business Combination. Interest on the promissory note is compounded annually, and accrues on each unpaid advance made under the promissory note at the rate of 5% per annum. Neither we, nor the Sponsor or its affiliates, have agreed to issue or transfer any equity in consideration for such advances. Any advances to us by Liminatus on the proceeds of the business combination will have the effect of reducing the amount of capital that would otherwise have been available to Liminatus to fund its business plans after the business combination and may cause Liminatus to need

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to raise capital sooner than if the advances had not been agreed to, and any such capital raising could be dilutive to stockholders who do not redeem their shares of common stock.

If Iris is unable to complete the Business Combination or another business combination or amend the Iris Certificate of Incorporation by stockholder approval by March 31, 2025 (subject to an additional three month extension at the discretion of the Iris Board), Iris will cease all operations except for the purpose of winding up, redeeming the public shares and, subject to the approval of its remaining stockholders and the Iris Board, liquidating and dissolving. In such event, third parties may bring claims against Iris and, as a result, the proceeds held in the Trust Account could be reduced and the per-share liquidation price received by stockholders could be less than approximately $10.00 per share.

Under the terms of the Iris Certificate of Incorporation, as amended, Iris must complete the Business Combination or another business combination or amend the Iris Certificate of Incorporation by stockholder approval by March 31, 2025 (subject to an additional three month extension at the discretion of the Board), or Iris must: cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, 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 (which interest shall be net of all applicable taxes payable from the