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Liminatus Pharma, Inc. (NASDAQ:LIMN) announced it received notifications from the Nasdaq Listing Qualifications Department indicating the company is not in compliance with certain continued listing standards. According to a press release statement included in a recent SEC filing, the notices were received on November 19. The company’s stock has faced significant pressure recently, with InvestingPro data showing a 24.07% decline in the past week alone and a staggering 92.32% drop over the past year.
The company was found to be out of compliance with Nasdaq Listing Rule 5450(b)(2)(A), which requires a minimum Market Value of Listed Securities (MVLS) of $50 million, and Rule 5450(b)(2)(C), which requires a minimum Market Value of Publicly Held Shares (MVPHS) of $15 million. Nasdaq’s review was based on the company’s MVLS and MVPHS over the past 30 consecutive business days. The filing also notes that Liminatus Pharma does not meet the requirements under Listing Rule 5450(b)(3)(A) regarding total assets and total revenue of at least $50 million each for the most recently completed fiscal year or two of the three most recently completed fiscal years.
The notification does not have an immediate effect on the listing of Liminatus Pharma’s common stock, which will continue to trade on Nasdaq under the symbol LIMN.
Under Nasdaq rules, the company has been granted a 180-calendar-day compliance period, until May 18, 2026, to regain compliance with both the MVLS and MVPHS requirements. If the company’s MVLS or MVPHS closes at or above the required threshold for at least ten consecutive business days within this period, Nasdaq will provide written confirmation of compliance and close the matter. If compliance is not regained by the end of the period, the company will receive a written notification that its securities are subject to delisting. At that point, Liminatus Pharma may appeal the decision to a Nasdaq Hearings Panel or consider applying to transfer its securities to the Nasdaq Capital Market, provided the company meets the requirements for that market.
Liminatus Pharma stated it is working to regain compliance with Nasdaq’s listing rules.
This information is based on a press release statement included in a Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Liminatus Pharma has entered into a Memorandum of Understanding with Capital Trust Group Limited for a $30 million equity financing arrangement. The agreement is designed to support Liminatus’s research and development efforts in the field of immunotherapy. This financing will involve Capital Trust Group subscribing to newly issued shares of Liminatus, contingent upon the completion of due diligence and the negotiation of definitive agreements. The arrangement is also subject to compliance with Nasdaq listing rules and U.S. securities laws. These developments mark a significant step for Liminatus Pharma in securing financial backing for its ongoing projects.
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