Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 80

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 80
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 condition and results of operations.

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Safety risks associated with the products.

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The market in which Liminatus operates is highly competitive.

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The license agreements related to the intellectual property assets are restrictive and may become non-exclusive.

After considering the foregoing potentially negative and potentially positive reasons, the Iris Board concluded, in its business judgment, and notwithstanding the loss of the TDT License, that the potentially positive reasons relating to the Transactions outweighed the potentially negative reasons. In approving the Business Combination, the Iris Board determined not to obtain a fairness opinion. The Iris Board believes because of the skills and background of its officers and directors, it was qualified to conclude that the Business Combination was fair from a financial perspective to its stockholders and that Liminatus’s fair market value was at least 80% of the balance of the funds in the Trust Account (excluding any taxes payable). In connection with its deliberations, the Iris Board also considered that executive officers and directors of Iris may have financial interests in the Business Combination that may be different from or in addition to (and may conflict with) the interests of other Iris’s stockholders. The Iris Board was aware of and considered these interests, among other matters, in reaching the determination that the Transactions contemplated by the Business Combination Agreement were advisable and in the best interests of Iris and its stockholders. See “ — Interests of Certain Persons in the Business Combination .”

#### The Nasdaq Proposal
Iris is asking its stockholders to consider and vote on a proposal to approve, for the purposes of complying with Nasdaq Listing Rule 5635, the issuance, in the aggregate, of an estimated 19,000,000 shares of ParentCo Common Stock to the direct and indirect owners of Liminatus and the PIPE Investor, collectively, in connection with the Business Combination and the PIPE Investment. See the section entitled “Proposal No. 2 — The Nasdaq Proposal. ”

#### The Incentive Plan Proposal
The proposed Incentive Plan will be effective upon closing of the Business Combination, subject to approval by our stockholders at the Special Meeting. The proposed Incentive Plan will reserve up to 10% of the total number of shares of ParentCo Common Stock issued and outstanding immediately after the Effective Time (taking into account any share redemptions) for issuance in accordance with the plan’s terms. The purpose of the Incentive Plan is to provide eligible employees, directors and consultants the opportunity to receive stock-based incentive awards in order to encourage them to contribute materially to ParentCo’s