Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 73

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 73
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 ​ | ​                        | ​ | ​ | $ | 8,000,000 | ​ | ​                  | ​ | ​ | $ | 8,000,000 | ​ | ​ |
| Effective Deferred Underwriting Fee (as a percentage of (cash left inTrust Account post redemptions)) | ​                       | ​ | ​                | ​ |   399.79% | ​ | ​                        | ​ | ​ | ​ |   799.59% | ​ | ​                  | ​ | ​ | ​ |     0.00% | ​ | ​ |

Satisfaction of 80% Test Nasdaq rules require that our 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). We refer to this as the 80% of net assets test. As of November 30, 2022, the date of the execution of the Business Combination Agreement, the balance of the Trust Account was approximately $276 million (excluding taxes payable on the income earned on the Trust Account) and 80% thereof represents approximately $220.8 million. In reaching its conclusion that the proposed Business Combination meets the 80% of net assets test, the Iris Board used as a fair market value the enterprise value of approximately $250 million, which was implied based on the terms of the transactions agreed to by the parties in negotiating the Business Combination Agreement. In determining whether the enterprise value described above represents the fair market value of Liminatus, the Iris Board considered all of the factors described below under “— The Iris Board’s Reasons for the Approval of the Business Combination ” and the fact that the purchase price for the Business Combination was the result of an arm’s length negotiation. As a result, the Iris Board concluded that the fair market value of Liminatus was significantly in excess of 80% of the assets held in the Trust Account (excluding taxes payable on the income earned on the Trust Account). Following the TDT License Termination, the enterprise value of Liminatus was determined to be $175.0 million. This valuation was arrived at by Iris through: (i) research and analysis of comparable companies (with respect to size, maturity, financial status, and research targets), and (ii) assistance from third-party advisors, consultants and experts. This valuation was derived using a comprehensive approach. As of January 2,