Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 309

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 309
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 obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

Pursuant to the Letter Agreement, the Sponsor, officers and directors have waived their rights to liquidating distributions from the Trust Account with respect to any Founder Shares held by them if Iris fails to complete a business combination or amend the Iris Certificate of Incorporation by March 31, 2025 (subject to an additional three month extension at the discretion of the Board). However, if the Sponsor or Iris’s management team acquires Iris Class A Common Stock in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such Iris Class A Common Stock if Iris fails to complete a business combination or amend the Iris Certificate of Incorporation by March 31, 2025 (subject to an additional three month extension at the discretion of the Board). Such Letter Agreement will be terminated at closing.

Also pursuant to the Letter Agreement, the Sponsor, officers and directors have agreed that they will not propose any amendment to the Iris Certificate of Incorporation: (i) to modify the substance or timing of Iris’s obligation to redeem 100% of its Iris Class A Common Stock if it does not complete a business combination or amend the Iris Certificate of Incorporation by March 31, 2025 (subject to an additional three month extension at the discretion of the Board), or (ii) with respect to any other material provision relating to stockholders’ rights or pre-business combination activity, unless Iris provides its public stockholders with the opportunity to redeem their Iris Class A Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (net of permitted withdrawals and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding shares of Iris Class A Common Stock.

Iris expects that all costs and expenses associated with implementing any plan of dissolution, as well as payments to any creditors, will be funded from any interest accrued in the Trust Account not required to pay taxes up to $100,000.

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If Iris was to expend all of the net proceeds of the IPO and the sale of the Iris Units, other than the proceeds deposited in the Trust Account, and without taking into account interest, if any, earned on the Trust Account and any tax payments or expenses for the dissolution of the trust