Liminatus Pharma completes de-SPAC merger, receives $15M PIPE, begins Nasdaq trading

Liminatus Pharma, Inc.

Closed de-SPAC merger with Iris Acquisition Corp; issued 17.5M shares at $10/share ($175M equity value) to Liminatus securityholders.
Concurrent $15M PIPE investment (1.5M shares at $10) from accredited investor.
Sponsor forfeited 4.18M private placement warrants; 59,844 public shares redeemed for ~$702k.
Liminatus Pharma, a pre-clinical CD47 checkpoint inhibitor developer, reported FY2024 net loss of $3.5M, accumulated deficit $28.7M.
Common stock (LIMN) and warrants (LIMNW) began trading on Nasdaq May 1, 2025.

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