Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 255

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 255
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 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 above under “— The Iris Board’s Reasons for the Approval of the

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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, 2025, the balance of the Trust Account was approximately $2.0 million (as adjusted for redemptions paid out of the Trust Account in January 2025 and excluding taxes payable on the income earned on the Trust Account) and 80% thereof represents approximately $1.6 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 $175 million, which was implied based on the terms of the transactions agreed to by the parties in negotiating the Business Combination Agreement.

Board of Directors of ParentCo Following the Business Combination

The Proposed ParentCo Certificate of Incorporation provides that the board of directors of ParentCo (the “ParentCo Board”) will consist of not less than three (3) nor more than eleven (11) members, the exact number initially fixed at three (3) and adjusted thereafter from time to time by the Board. The individuals nominated to serve on the ParentCo board are Mr. Chris Kim, Dr. Eun Sook Lee, Dr. Ji Yeon Baek and Mr. Nicholas Fernandez. For additional information, see the section entitled “Management of ParentCo Following the Business Combination . ”

#### Tax Considerations
For a detailed discussion of the material U.S. federal income tax consequences of the Business Combination, please see the section entitled “ Material U.S. Federal Income Tax Considerations .”

### Expected Accounting Treatment of the Business Combination
The Business Com