Liminatus Pharma Secures $1.9M by Cutting Warrant Exercise Price to $0.18
LIMN•Liminatus Pharma raised $1.9 million by lowering existing warrant exercise price to $0.18, enabling accredited investors to convert 10.344 million warrants into cash receipts. In exchange, investors received new unregistered warrants for 20.688 million shares at $0.18, contingent on shareholder approval for five-year term.
1. Warrant Exercise Agreement
Liminatus Pharma entered into a warrant exercise agreement with accredited investors to accelerate the exercise of 10,344,000 existing warrants. The agreement includes a reduction of the exercise price to $0.18 per share to incentivize immediate cash conversion.
2. Proceeds and Reduced Exercise Price
The company received gross proceeds of $1.9 million from the exercise of existing warrants, before advisor fees and expenses. This infusion bolsters the balance sheet ahead of ongoing oncology drug development milestones.
3. New Warrants Issuance
In exchange, investors were granted 20,688,000 new unregistered warrants at $0.18 per share. These new warrants become exercisable only after shareholder approval under Nasdaq rules and will expire five years from the approval date.
