Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 241

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 241
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TABLE OF CONTENTS

Iris did not consider other companies in the biopharma sector.

Although Cantor presented Liminatus as a potential business combination target, Cantor was not specifically compensated by the parties to the Business Combination Agreement for doing so. However, Cantor does have a material interest in the outcome of the Business Combination with Liminatus because Cantor currently holds 835,555 Private Placement Warrants acquired at the time of our IPO in exchange for $1,253,333 ($1.50 per warrant). Each Private Placement Warrant entitles Cantor to purchase one share of Iris Class A Common Stock (or one share of ParentCo Common Stock if the Business Combination closes) at an exercise price of $11.50 per share, for an aggregate purchase price of $9,608,883. If the Business Combination does not close, the Private Placement Warrants held by Cantor will expire worthless. Additionally, Cantor is entitled to receive a deferred underwriting fee in the amount of $8,000,000, of which $7,000,000 will be paid in shares of ParentCo Common Stock (700,000 shares at $10.00 per share, subject to adjustment based on the five day volume-weighted average price prior to the filing of a resale registration statement covering such shares). If the Business Combination does not close, Cantor will forfeit the deferred underwriting fee and Cantor will not receive the shares of ParentCo Common Stock. Cantor holds no interest in Liminatus and has not engaged in any business activities with Liminatus. Cantor did not present any other targets to us for consideration.

Despite the fact that Cantor introduced Liminatus to the Company, Cantor was never engaged by any party to the Business Combination, and played no role in the due diligence process related to the Business Combination. The introduction of Liminatus to the Company was a cold introduction. Additionally, Cantor played no role in negotiating the Business Combination, and the Company renegotiated Cantor’s fees, bringing them down. Cantor demonstrated independence throughout the process. Given this, the Iris Board concluded that any conflicts of interest did not impact the desire of the Iris Board to enter into the Business Combination or the Iris Board’s recommendation that Iris’s stockholders approve the Business Combination.

On August 16, 2024, Liminatus informed the Company that TDT, Liminatus’s license partner for the intellectual property and other rights related