Company: LIMN
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001104659-25-003835
Chunk: 312

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 312
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 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, the per-share redemption amount received by stockholders upon Iris’s dissolution would be approximately $10.00. The proceeds deposited in the Trust Account could, however, become subject to the claims of Iris’s creditors which would have higher priority than the claims of Iris’s public stockholders. Iris cannot assure you that the actual per-share redemption amount received by stockholders will not be substantially less than $10.00. Under Section 281(b) of the DGCL, Iris’s plan of dissolution must provide for all claims against it to be paid in full or make provision for payments to be made in full, as applicable, if there are sufficient assets. These claims must be paid or provided for before Iris makes any distribution of its remaining assets to its stockholders. While Iris intends to pay such amounts, if any, Iris cannot assure you that it will have funds sufficient to pay or provide for all creditors’ claims.

Although Iris will seek to have all vendors, service providers, prospective target businesses and other entities with which Iris does business (other than Iris’s independent registered public accounting firm) execute agreements with Iris waiving any right, title, interest or claim of