Iris Acquisition in an 8-K filing said it received notice from the Nasdaq that it faces delisting from the exchange, after having fallen below the required minimum $35 million capitalization for 30 consecutive business days.
The SPAC has until Sept. 25 to regain compliance.
Iris also disclosed that it received an additional written notice from the Nasdaq indicating noncompliance with a listing rule that requires the company to have at least 300 public holders. The SPAC has 45 days to submit a plan for regaining compliance.
Iris in December announced a merger agreement with Liminatus Pharma at a pro forma enterprise value of $334 million. At that time, the combined company was expected to receive gross cash proceeds of up to $316 million, consisting of the $276 million then held in Iris' trust account and a concurrent, committed $15 million equity pipe financing, plus $25 million in convertible note financing.
Liminatus is a clinical-stage biopharmaceutical company developing novel, immune-modulating cancer therapies. Read more.
Source: Iris Acquisition Hit with Nasdaq Delisting Notice