Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 305

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 305
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 deposited in the Trust Account, located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and was invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations. Except with respect to interest earned on the funds held in the Trust Account that may be released to Iris to pay certain taxes, the proceeds from the IPO and the sale of the Private Warrants will not be released from the Trust Account until the earliest of: (i) the completion of an initial business combination, (ii) the redemption of Iris’s public shares if it does not complete an initial business combination or amend the Iris Certificate of Incorporation within 51 months from the closing of the IPO, subject to applicable law, or (iii) the redemption of Iris’s public shares properly submitted in connection with a stockholder vote to amend the Iris Certificate of Incorporation to modify the substance 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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