Liminatus Pharma Announces Nasdaq Delisting Notification

Liminatus Pharma (Nasdaq: LIMN) received a Nasdaq delisting notice after not regaining compliance with market value requirements.

Rhea-AI Summary

Liminatus Pharma (Nasdaq: LIMN) received a Nasdaq delisting notice after not regaining compliance with market value requirements. Nasdaq cited the $50,000,000 market value of listed securities and $15,000,000 market value of publicly held shares rules.

Unless Liminatus appeals by May 27, 2026, trading could be suspended May 29, 2026. The company plans to request a hearing, which would stay any suspension or delisting action pending the Panel decision.

Positive

• Company intends to appeal Nasdaq determination before a Hearings Panel
• Appeal request will stay any suspension or delisting action pending hearing

Negative

• Noncompliance with $50M market value of listed securities requirement
• Noncompliance with $15M market value of publicly held shares requirement
• Nasdaq has determined LIMN securities will be delisted from the Global Market
• Trading in common stock and warrants may be suspended May 29, 2026 absent appeal

Argus May 22 session

-31.14% close to close Open Argus

Details

News Market Reaction – LIMN

On May 22, the first trading day after this news, LIMN closed 31.14% below the previous close.

Data tracked by StockTitan Argus for the May 22 session.

Key Figures

MVLS requirement: $50,000,000 MVPHS requirement: $15,000,000 Compliance period: 180 calendar days +5 more

MVLS requirement

$50,000,000

Nasdaq market value of listed securities threshold under Rule 5450(b)(2)(A)

MVPHS requirement

$15,000,000

Nasdaq market value of publicly held shares threshold under Rule 5450(b)(2)(C)

Compliance period

180 calendar days

Period to regain Nasdaq market value compliance ending May 18, 2026

Suspension date

May 29, 2026

Potential date for trading suspension absent successful appeal

Cash balance

$724,502

Cash as of September 30, 2025 (Q3 2025 10-Q)

Net loss Q3 2025

$1,823,351

Net loss for quarter ended September 30, 2025

Public offering size

$4.0M

Gross proceeds from February 17, 2026 public offering

Price move on merger news

30.99%

24h reaction to May 21, 2026 InnocsAI merger announcement

Historical Context

3 past events · Latest: May 21

3 events

1. May 21

   Acquisition / merger

   24h Move

   +31.0%

   Definitive merger to acquire InnocsAI and expand oncology cell therapy pipeline.

2. Mar 17

   Clinical trial plan

   24h Move

   -2.5%

   Announcement of planned Phase 1 trial for CD47-blocking antibody IBA101.

3. Feb 17

   Dilutive offering

   24h Move

   -31.9%

   $4.0M public offering of common shares and warrants at $0.29 pricing.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

market value of listed securities, market value of publicly held shares, nasdaq listing rule, form 25-nse, +2 more

6 terms

market value of listed securities financial

"failed to comply with the $50,000,000 market value of listed securities (MVLS) requirement"

Market value of listed securities is the market value of the shares a company has listed on an exchange, calculated as the closing bid price multiplied by the number of listed shares. Exchanges use it as a continued-listing standard, so a company that stays under the required minimum receives a deficiency notice and is given a set period to recover before facing delisting.

market value of publicly held shares financial

"the $15,000,000 market value of publicly held shares (MVPHS) requirement"

The market value of publicly held shares is the total dollar worth of a company’s shares that are available to outside investors, calculated by multiplying the current market price by the number of shares held by the public (the “float”). It matters because it tells investors how much of the company is actually tradable and how the market is pricing that tradable portion—like a price tag on the items on a store shelf, it affects liquidity, volatility and how easy it is to buy or sell a meaningful stake.

nasdaq listing rule regulatory

"requirement for continued listing in accordance with Nasdaq Listing Rule 5450(b)(2)(A)"

Nasdaq listing rules are the set of standards a company must meet to be listed and remain listed on the Nasdaq stock exchange, covering things like minimum share price, financial health, corporate governance and disclosure. Think of them as a public checklist that helps ensure companies meet basic quality and transparency expectations; for investors, compliance affects whether a stock can trade on Nasdaq, how trustworthy its disclosures are, and therefore the stock’s liquidity and perceived risk.

form 25-nse regulatory

"and a Form 25-NSE will be filed with the SEC, which will remove the Company’s securities"

Form 25‑NSE is an official filing used to notify the stock exchange that a company’s securities are being removed from trading on that exchange, similar to handing in a key when a shop closes. Investors care because removal ends public trading on that venue, often cutting liquidity and making it harder to buy or sell shares, which can affect a stock’s price and how quickly investors can access cash or exit positions.

form 8-k regulatory

"as previously disclosed in the Current Report on Form 8-K filed by the Company"

A Form 8-K is a report that companies file with the government to share important news quickly, such as changes in leadership, major business deals, or financial updates. It matters because it helps investors stay informed about significant events that could affect the company's value or stock price.

nasdaq global market regulatory

"its securities will be delisted from The Nasdaq Global Market"

The Nasdaq Global Market is a section of the stock exchange where larger, well-established companies are listed and publicly traded. It functions like a marketplace where investors can buy and sell shares of these companies, providing them with access to capital and opportunities for growth. Its role is important because it helps investors identify and invest in reputable companies with strong financial backgrounds.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

FULLERTON, Calif., May 21, 2026 (GLOBE NEWSWIRE) -- Liminatus Pharma, Inc. (Nasdaq: LIMN) (“Liminatus” or the “Company”) today announced that the Company received a delisting notice from The Nasdaq Stock Market LLC (“Nasdaq”).

As previously disclosed in the Current Report on Form 8-K filed by the Company on November 25, 2025 with the Securities and Exchange Commission (the “SEC”), on November 19, 2025, the Company received notices from Nasdaq indicating that the Company’s listed securities failed to comply with the $50,000,000 market value of listed securities (MVLS) requirement for continued listing in accordance with Nasdaq Listing Rule 5450(b)(2)(A) (the “MVLS Rule”) and the $15,000,000 market value of publicly held shares (MVPHS) requirement for continued listing in accordance with Nasdaq Listing Rule 5450(b)(2)(C) (the “MVPHS Rule”). The Company was provided a period of 180 calendar days, or until May 18, 2026, in which to regain compliance.

On May 20, 2026, the Company received a notice from Nasdaq stating that the Company had not regained compliance with the MVLS Rule and the MVPHS Rule. Accordingly, its securities will be delisted from The Nasdaq Global Market. Unless the Company requests an appeal of the determination before the Nasdaq Hearings Panel (the “Panel”) by May 27, 2026, trading of the Company’s common stock and warrants will be suspended at the opening of business on May 29, 2026, and a Form 25-NSE will be filed with the SEC, which will remove the Company’s securities from listing and registration on Nasdaq. The Company intends to timely request an appeal before the Panel. The hearing request will result in a stay of any suspension or delisting action pending the hearing.

About Liminatus

Liminatus Pharma, Inc. is a biopharmaceutical company focused on the development of innovative therapies for oncology and other serious diseases.

Forward-Looking Statements

Certain information contained in this press release consists of forward-looking statements for purposes of the federal securities law that involve risks, uncertainties and assumptions that are difficult to predict. Words such as “will,” “would,” “may,” “intends,” “potential,” and similar expressions, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and actual actions or events could differ materially from those contained in such statements. For example, there can be no assurance that Nasdaq will accept the Company’s plan to regain compliance or that the Company will regain compliance with the Nasdaq listing rules during any compliance period or in the future, or otherwise meet Nasdaq continued listing standards. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the Company’s filings with the SEC. The forward-looking statements contained in this press release speak only as of the date of this press release and the Company undertakes no obligation to publicly update any forward-looking statements to reflect changes in information, events or circumstances after the date of this press release, unless required by law.

For more information, please contact:

Chris Kim, Chief Executive Officer
chris@liminatus.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did Liminatus Pharma (LIMN) receive a Nasdaq delisting notice in May 2026?

Liminatus Pharma received a Nasdaq delisting notice for not meeting required market value thresholds. According to the company, it failed to comply with the $50,000,000 market value of listed securities and $15,000,000 market value of publicly held shares continued listing requirements.

What Nasdaq listing rules did Liminatus Pharma (LIMN) fail to satisfy?

Liminatus Pharma did not meet Nasdaq Listing Rule 5450(b)(2)(A) and Rule 5450(b)(2)(C). According to the company, these rules require at least $50,000,000 market value of listed securities and $15,000,000 market value of publicly held shares for continued listing on the Nasdaq Global Market.

When could Liminatus Pharma (LIMN) be suspended or delisted from Nasdaq?

Trading in Liminatus Pharma’s common stock and warrants could be suspended May 29, 2026. According to the company, unless it requests an appeal by May 27, 2026, a Form 25-NSE will be filed to remove its securities from Nasdaq listing and registration.

How is Liminatus Pharma (LIMN) responding to the Nasdaq delisting determination?

Liminatus Pharma plans to timely request an appeal before the Nasdaq Hearings Panel. According to the company, submitting a hearing request will stay any suspension or delisting action while the appeal is pending, allowing its securities to continue trading during that period.

What was the compliance deadline Nasdaq gave Liminatus Pharma (LIMN)?

Nasdaq granted Liminatus Pharma 180 calendar days, until May 18, 2026, to regain compliance. According to the company, it had previously received notices on November 19, 2025 regarding market value deficiencies under the applicable Nasdaq Global Market listing rules.

What are the market value thresholds affecting Liminatus Pharma (LIMN) Nasdaq listing?

The key thresholds are $50,000,000 market value of listed securities and $15,000,000 market value of publicly held shares. According to Liminatus, not meeting these required levels triggered Nasdaq’s delisting notice for its common stock and warrants.