Iris Acquisition scheduled a March 7 meeting for shareholders to vote on another deadline extension of up to six months while it works to complete a deal with Liminatis Pharma. The initial extension would push the deadline June 9, when the board could opt to extend another three months.
If approved, the SPAC’s sponsor has agreed to deposit the lesser of $30,000 or 6 cents a share for each month required.
Liminatus is a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies. Liminatus is expected to list on the Nasdaq if the deal closes.
When Iris announced a merger in December 2022 with Liminatus, at a pro forma enterprise value of $334 million, the combined company was expected to receive gross cash proceeds of up to $316 million. That included the $276 million in Iris’ trust account at the time and concurrent, committed $15 million in PIPE financing, plus $25 million in convertible note financing.
Redemptions ahead of the last extension vote, in September, left about $4.2 million in the SPAC’s trust, with 406,609 shares outstanding. Read more.
