Liminatus Pharma Faces Nasdaq Delisting After Missing $50M and $15M Market Value Requirements
LIMN•Liminatus Pharma received a Nasdaq delisting notice after failing to meet the $50,000,000 market value of listed securities and $15,000,000 publicly held shares requirements by the May 18, 2026 deadline. The company will request an appeal by May 27, 2026 to stay the suspension scheduled for May 29, 2026.
1. Violation of Market Value Requirements
Liminatus Pharma failed to maintain the $50,000,000 market value of listed securities (MVLS) and $15,000,000 market value of publicly held shares (MVPHS) required by Nasdaq Listing Rules 5450(b)(2)(A) and 5450(b)(2)(C), receiving initial noncompliance notices on November 19, 2025.
2. Delisting Notification and Timeline
On May 20, 2026, Nasdaq informed the company it had not regained compliance by the May 18 deadline, triggering suspension of trading at the opening of business on May 29, 2026 and the filing of a Form 25-NSE to remove the securities if no appeal is filed.
3. Appeal Plans and Stay of Action
Liminatus intends to request an appeal before the Nasdaq Hearings Panel by the May 27, 2026 deadline, which will stay any suspension or delisting action pending the hearing outcome.
