Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 314

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 314
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, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of Iris’s remaining stockholders and the Iris Board, liquidate and dissolve, subject, in each case, to Iris’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Accordingly, it is Iris’s intention to redeem its Iris Class A Common Stock as soon as reasonably possible

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following its 30th month (subject to a six-month extension that has been approved by the stockholders) and, therefore, it does not intend to comply with those procedures. As such, Iris’s stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of Iris’s stockholders may extend well beyond the third anniversary of such date.

Because Iris will not be complying with Section 280, Section 281(b) of the DGCL requires Iris to adopt a plan, based on facts known to it at such time that will provide for its payment of all existing and pending claims or claims that may be potentially brought against it within the subsequent ten years. However, because Iris is a recently organized company established for the purpose of identifying a company to combine with in order to effectuate a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination, rather than an operating company, and Iris’s operations will be limited to searching for prospective target businesses to acquire, the only likely claims to arise would be from Iris’s vendors (such as lawyers, investment bankers, etc.) or prospective target businesses. As described above, pursuant to the obligation contained in Iris’s underwriting agreement, Iris will seek to have all vendors, service providers, prospective target businesses or other entities with which it does business (other than its independent registered public accounting firm) execute agreements with it waiving any right, title, interest or claim of any kind in or to any monies held in the Trust Account. As a result of this obligation, the claims that could be made against Iris are significantly limited and the likelihood that any claim that would result in any liability extending to the Trust Account is remote. Further, the Sponsor may be liable only to the extent necessary to ensure that the amounts in the Trust Account are not reduced below: (i) $10.00 per share of Iris Class A Common Stock or (ii) such lesser amount per share of Iris Class A Common Stock held in the Trust Account as of