Iris Acquisition is asking shareholders to support another deadline extension that would give the SPAC an initial three months until June 9 to close a deal, followed by the option to extend a further three months at the board's discretion. The SPAC has a merger agreement with Liminatis Pharma that has been gestating since December 2022.
The preliminary proxy does not state whether or how much the Iris sponsor might deposit into trust if the extension is approved.
Liminatus is a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies.
If approved, upon closing Liminatus is expected to list on the nasdaq.
When Iris announced a deal 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.