Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 213

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 213
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 Accounting Adjustments to Unaudited Pro Forma Combined Financial Information**

Transaction Accounting Adjustments to Unaudited Pro Forma Combined Balance Sheet

The transaction accounting adjustments included in the unaudited pro forma condensed combined balance sheet as of September 30, 2024, are as follows:

(a)

Reflects actual redemptions of 64,453 shares of common stock by public stockholders for an aggregate payment of approximately $0.7 million in connection with the special meeting held by Iris on December 26, 2024 to approve the extension of the time to complete a business combination until June 30, 2025.

(b)

To record additional advances under the Liminatus promissory note of $800,000 that occurred after September 30, 2024.

(c)

Reflects the liquidation and reclassification of cash and investments held in the Trust Account (as defined in this proxy statement) that became available for general corporate use following the Business Combination.

(d)

Reflects the settlement of $9.7 million in deferred underwriting fees, of which $7.0 million will be settled in Iris common shares (700,000 shares at $10.00 per share), $1.0 million will be settled in cash and $1.7 million was waived and no longer payable and was reflected as an increase to additional paid-in capital. The share price is subject to adjustment based on the five-day volume-weighted average price prior to the filing of a resale registration statement covering such shares.

(e)

Represents preliminary estimated transaction costs to be incurred by Liminatus and Iris of $5.0 million and $5.75 million, respectively, for legal, financial advisory and other professional fees. The Iris estimated transaction costs exclude the deferred underwriting fees described in Note 2(d) above.

For the Liminatus transaction costs:

•

$1.1 million was capitalized in deferred transaction costs and accrued in accounts payable and accrued expenses as of September 30, 2024; and

•

$5.0 million was reflected as a reduction of cash and capitalized and offset against the proceeds from the Business Combination as a decrease to additional paid-in capital.

For the Iris transaction costs:

•

$1.3 million was accrued by Iris in accounts payable and accrued expenses and recognized in expense as of September 30, 2024;

•

$1.3 million was recognized in expense and paid as of September 30, 2024;

•

$4.4 million was reflected as a reduction