Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 242

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 242
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 Board on September 18, 2024. The Iris Board then considered, and unanimously approved the Business Combination Agreement, as amended to date, and the transactions contemplated thereby.

The Iris Board’s Reasons for the Approval of the Business Combination

On November 30, 2022, the Iris Board: (i) determined that the Business Combination was advisable to and in the best interests of Iris and its stockholders, (ii) unanimously approved the Business Combination Agreement and the transactions contemplated thereby (including the Business Combination), and (iii) recommended that Iris’s stockholders approve the Business Combination Agreement and the transactions contemplated thereby (including the Business Combination). On November 30, 2022, the Business Combination Agreement was executed by the parties. The Registration Statement was initially declared effective by the SEC on August 9, 2024. On August 16, 2024, Liminatus informed us that TDT, Liminatus’s license partner for the intellectual property and other rights related to GCC (CAR-T therapy and cancer vaccine), terminated the TDT License. TDT asserted that the termination was due to Liminatus’ failure to

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make the milestone payments under the agreement, but Liminatus believes it was current on the milestone payments. TDT has not communicated further since terminating the license. Following the receipt of the termination notice, and after considering the development status of the CAR-T products, Liminatus management concluded, in its business judgment, that notwithstanding the loss of the TDT License and considering the pre-clinical advancement and market potential of its CD47 asset, to proceed with its business plan without the TDT License. On September 18, 2024, the Iris Board: (i) determined that, notwithstanding the TDT License Termination, the Business Combination was advisable to and in the best interests of Iris and its stockholders, (ii) unanimously approved the Business Combination Agreement, as amended to date, and the transactions contemplated thereby (including the Business Combination) and (iii) recommended that Iris’s stockholders approve the Business Combination Agreement, as amended to date, and the transactions contemplated thereby.

In reaching its decision with respect to the Business Combination, the Iris Board reviewed and considered a wide variety of factors, including various industry and financial data and certain due diligence and evaluation materials provided by legal counsel and independent advisors. In light of the complexity of those factors, the Iris Board, as a whole, did not consider it practicable