Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 308

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 308
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 or timing of its obligation to redeem 100% of its public shares if Iris has not consummated an initial business combination or amended the Iris Certificate of Incorporation within 51 months from the closing of the IPO or with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity. In December 2022, Iris instructed Continental, the trustee with respect to the Trust Account, to liquidate the U.S. government treasury obligations or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in an interest bearing cash account. In September 2023, Iris further instructed Continental to move the funds held in the Trust Account to an interest bearing bank deposit program until the earlier of the consummation of a business combination or the liquidation of Iris.

### Fair Market Value of Target Business
Nasdaq rules require that Iris’s initial business combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted). The Iris Board determined that this test was met in connection with the Business Combination as described in the section titled “ Proposal No. 1 — The Business Combination Proposal — Satisfaction of 80% Test ” in this proxy statement/prospectus.

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#### Redemption Rights
Iris will provide its public stockholders with the opportunity to redeem all or a portion of their shares of Iris Class A Common Stock upon the completion of the Business Combination at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the Business Combination including interest earned on the funds held in the Trust Account not previously released to Iris to pay taxes, divided by the number of then outstanding shares of Iris Class A Common Stock, subject to certain limitations. The amount in the Trust Account is anticipated to be approximately $2,001,033, or $11.47 per share (as adjusted for redemptions paid out of the Trust Account in January 2025 and net of all applicable taxes payable from the Trust Account) of Iris Class A Common Stock. Iris’s sponsor, officers, and directors have entered into a Sponsor Agreement with Iris, ParentCo and Liminatus, pursuant to which they have agreed not to exercise their redemption rights with respect to any Founder Shares and