Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 184

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 184
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000 Founder Shares. In September 2023, the Founder Shares were converted into 6,900,000 shares of Iris Class A Common Stock. The Founder Shares will be worthless if we do not complete a business combination.

As a result, the Sponsor may be incentivized to complete the Business Combination, or an alternative initial business combination with a less favorable company or on terms less favorable to stockholders, rather than to liquidate, in which case the Sponsor would lose its entire investment. Further, Iris’s Class B contribution and the surrendering and forfeiture of all private placement warrants held by the Sponsor for no consideration to be effected pursuant to the Business Combination Agreement, the Sponsor may realize a positive return on invested capital as a result of the Business Combination, as discussed in more detail unde r “Questions and Answers — What equity stake will current Iris stockholders and Liminatus Members hold in ParentCo after the closing?” As a result, the Sponsor may have a conflict of interest in determining whether Liminatus is the appropriate business with which to effectuate a business combination and/or in evaluating the terms of the Business Combination. The Iris Board was aware of and considered these interests,

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among other matters, in evaluating and unanimously approving the Business Combination and in recommending to Iris’s stockholders that they approve the Business Combination.

The exercise of Iris’s directors’ and officers’ discretion in agreeing to changes or waivers in the terms of the Business Combination may result in a conflict of interest when determining whether such changes to the terms of the Business Combination or waivers of conditions are appropriate and in Iris’s stockholders’ best interest.

In the period leading up to the closing of the Business Combination, events may occur that, pursuant to the Business Combination Agreement, would require Iris to agree to amend the Business Combination Agreement, to consent to certain actions taken by Liminatus or to waive rights that Iris is entitled to under the Business Combination Agreement. Such events could arise because of changes in the course of Liminatus’s business, a request by Liminatus to undertake actions that would otherwise be prohibited by the terms of the Business Combination Agreement or the occurrence of other events that would have a material adverse effect on Liminatus’s business and would entitle Iris to terminate the Business Combination Agreement. In any of such circumstances, it would be at Iris’s discretion, acting through its Iris Board, to grant its consent or waive those rights. The existence of the financial and personal interests of the directors described in the preceding