Company: LIMN
Filing Date: 2025-08-13
Form Type: 424B3
Source: 0001410578-25-001746
Chunk: 323

Company: Liminatus Pharma, Inc.
Filing Date: 2025-08-13
Form: 424B3
Chunk 323
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 cash (i.e., cash held outside the Trust Account) of $65,343 and $156,425, respectively. As of December 31, 2024 and December 31, 2023, there were certain amounts that are restricted as they were withdrawn from the Trust Account for income tax payments, which totaled $12,347 and $85,084, respectively.

Cash and Cash Equivalents held in Trust Account

As of December 31, 2024 and December 31, 2023, the Company had a total of $2,016,274 and $4,291,332, respectively in the Trust Account held in money market funds cash equivalents. As noted above, on December 20, 2024 stockholders holding 64,453 shares properly exercised their right to redeem their shares. As of December 31, 2024 the stockholders have not been paid out, as such, the amount owed to the stockholders of approximately $739,195 is recorded on the balance sheets as Restricted Cash - held in Trust Account.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the federal depository insurance coverage of $250,000. As of December 31, 2024 and December 31, 2023, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Forgiveness of Unrelated Vendor Payables

The Company negotiated and certain vendors agreed to forgive outstanding payables. For the year ended December 31, 2023, the outstanding balance totaled $350,000 was settled for cash payments totaling $75,000. As the Company was unable to provide payment in full, a compromise for a one-time lump-payment was agreed upon for each vendor. For the year ended December 31, 2023, the Company recognized a gain for the forgiven of the outstanding payable of $275,000 which were recorded in the statements of operations.

Common Stock Subject to Possible Redemption

The Company accounts for its shares of common stock subject to possible redemption in accordance with the guidance in ASC 480. Common stock subject to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the