Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 235

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 235
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 Growth’s benchmark.

Target C: Tribe Capital Growth initiated discussions with Target C, a North American based metaverse company that was one of the early pioneers in that space. Target C developed a gaming platform that operates as a virtual world that is driven by user-generated content. Over time Target C garnered significant traction and users onto its platform. As the metaverse gained traction in 2021, Tribe Capital Growth identified Target C as an ideal target as it held the right infrastructure in place, established market presence in the metaverse space, existing active user base on its platform. In October 2021, Tribe Capital Growth signed an indication of interest with 60-day exclusivity period and proceeded towards onboarding advisors and due diligence. Tribe Capital Growth also engaged a PIPE placement agent to prepare the investor presentation in discussion with Target C.

In December 2021, Target C indicated its immediate cash requirement, which was not in line with the de-SPAC timelines. Numerous discussions were held between Tribe Capital Growth, Target C and respective advisors to identify venues and finalize terms to raise a private round of funding to satisfy the company’s cash requirement.

Tribe Capital Growth made extensive efforts to reach an agreement suitable to both parties, but was unable to get the terms of the private round of funding tied to a successful de-SPAC, and thus Target C decided to pursue other alternatives.

Target D: Target D was a dating app company that operates 27 social discovery applications worldwide, each utilizing a unique approach in matching users and targeting specific demographic profiles. Iris Tribe Capital Growth had engaged in soft conversations since April 2021. Target D granted virtual dataroom access to Tribe Capital Growth after executing a non-disclosure agreement on June 1, 2021. Tribe Capital Growth conducted a deep dive analysis and due diligence showed that Target D was far ahead of its competition and with generic social discovery on the rise, Target D was well-positioned to capture this value, particularly among the Gen-Z users.

Once discussions with Target C were shelved, Tribe Capital Growth re-initiated negotiations with Target D and commenced preparing a letter of intent in March 2022. In April 2022, Tribe Capital Growth submitted a non-binding letter of intent but did not proceed as Target D was not very responsive.

### Change in Sponsorship and SPAC Management
On June 1, 2022, Tribe Capital withdrew as a member of Tribe Capital Growth’s sponsor, Tribe Arrow Holdings I LLC, a Delaware limited liability company (“Tribe Arrow Holdings”). Subsequently, Arrow