Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 185

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 185
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 the decision of Iris’s directors and officers to approve the Business Combination and to continue to pursue such Business Combination. In considering the recommendations of the Iris Board to vote for the Business Combination Proposal and other proposals, its stockholders should consider these interests.

Since the Sponsor will lose its entire investment in Iris if a business combination is not completed (other than with respect to public shares it may acquire), a conflict of interest may arise in determining whether the Business Combination, or an alternative initial business combination, is appropriate for Iris’s business combination.

In December 2020, our sponsor paid $25,000 to cover certain of our offering costs in exchange for 5,750,000 Founder Shares, or approximately $0.004 per share. In February 2021, we effected a stock dividend of 0.2 shares for each Founder Share outstanding, resulting in our sponsor holding an aggregate of 6,900,000 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