Nasdaq reviews Liminatus Pharma (Nasdaq: LIMN) after loss of bid-price compliance
Rhea-AI Filing Summary
Liminatus Pharma, Inc. reports that Nasdaq has notified the company it has not regained compliance with Nasdaq Listing Rule 5450(a)(1), which requires a minimum bid price of $1 per share for 30 consecutive business days, and that it is not eligible for a second 180-day extension to cure the deficiency. A hearing was held before the Nasdaq Hearings Panel on June 30, 2026, and the Panel will consider this additional deficiency in deciding on the company’s continued listing; Liminatus plans to submit a written response by July 27, 2026, and the Panel has not yet issued its decision.
The company also filed a definitive proxy statement on July 13, 2026, for an annual stockholder meeting on August 3, 2026, to consider authorizing the board of directors to approve a reverse stock split of its common stock, among other matters. Liminatus cautions that there can be no assurance it will receive additional time or regain compliance with Nasdaq’s bid-price requirements.
Positive
- None.
Negative
- Nasdaq bid-price noncompliance and no second extension: Liminatus Pharma has not regained compliance with the $1 bid-price rule and is not eligible for a second 180-day extension, putting its continued Nasdaq listing under review by the Hearings Panel.
Filing Explained
The reverse split remains at the authorization stage: if shareholders authorize board approval and the board acts, it would reduce the common-share count and raise the per-share price proportionally, without changing company value from the split itself.
8-K Event Classification
3 items: 3.01, 8.01, 9.01
3 items
Item 3.01
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Securities
The company received a delisting notice or transferred its listing to a different exchange.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Nasdaq minimum bid price: $1 per share
Initial compliance period: 180 calendar days
Panel hearing date: June 30, 2026
+3 more
6 metrics
Nasdaq minimum bid price
$1 per share
Required closing bid price under Nasdaq Listing Rule 5450(a)(1)
Initial compliance period
180 calendar days
Period to regain bid-price compliance ending July 14, 2026
Panel hearing date
June 30, 2026
Hearing before the Nasdaq Hearings Panel on bid-price deficiency
Nasdaq noncompliance notice
July 20, 2026
Date Nasdaq stated the company had not regained compliance and was not eligible for a second extension
Response deadline to Panel
July 27, 2026
Deadline for Liminatus to submit written views on the additional deficiency
Annual meeting date
August 3, 2026
Stockholder meeting to vote on authorizing the board to approve a reverse stock split, among other items
Key Terms
Nasdaq Listing Rule 5450(a)(1), Bid Price Rule, Nasdaq Hearings Panel, reverse stock split, +1 more
5 terms
Nasdaq Listing Rule 5450(a)(1) regulatory
"no longer in compliance with Nasdaq Listing Rule 5450(a)(1), which requires a minimum bid price"
Nasdaq Listing Rule 5450(a)(1) is a continued-listing standard that sets a minimum share price companies must maintain to remain listed on the Nasdaq market—commonly a $1.00 per-share threshold. Investors care because falling below that floor can trigger a compliance review and possible delisting, which is like failing a minimum grade and losing access to the public market; delisting can reduce liquidity, visibility and the ability to raise capital.
Bid Price Rule regulatory
"was no longer in compliance with the Bid Price Rule, which requires a $1 per share bid price"
Nasdaq Hearings Panel regulatory
"A hearing was held before the Nasdaq Hearings Panel on June 30, 2026"
A Nasdaq hearings panel is a group of experts that reviews cases when a company's stock listing is at risk of being removed from the exchange. They evaluate whether the company has met certain standards and determine if it can keep trading on Nasdaq. This process matters to investors because it can affect a company's ability to raise money and maintain credibility in the market.
reverse stock split financial
"for the purpose of authorizing the Company’s board of directors to approve a reverse stock split"
A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.
forward-looking statements regulatory
"Certain information contained in this report consists of forward-looking statements for purposes"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What Nasdaq compliance issue does Liminatus Pharma (LIMN) disclose?
Liminatus Pharma discloses it is not in compliance with Nasdaq Listing Rule 5450(a)(1), known as the Bid Price Rule, which requires a minimum $1 per share closing bid price for 30 consecutive business days.
What bid-price compliance timeline has Nasdaq given Liminatus Pharma (LIMN)?
Nasdaq initially granted Liminatus Pharma a 180-calendar-day period, until July 14, 2026, to regain bid-price compliance. A July 20, 2026 notice then stated the company had not regained compliance and is not eligible for a second 180-day extension.
What is the status of Liminatus Pharma’s (LIMN) Nasdaq listing review?
A Nasdaq Hearings Panel is considering Liminatus Pharma’s continued listing after a June 30, 2026 hearing. The company received a further deficiency notice, and the Panel has not yet issued its decision on continued listing.
How is Liminatus Pharma (LIMN) responding to Nasdaq’s latest notice?
Liminatus Pharma plans to submit a written response to the Nasdaq Hearings Panel by July 27, 2026 addressing the additional bid-price deficiency. The company notes there is no assurance it will receive more time or regain compliance.
When is Liminatus Pharma’s (LIMN) 2026 annual meeting and what key item will be voted on?
The annual meeting is scheduled for August 3, 2026 at 10:30 a.m. Pacific Time. Stockholders will consider authorizing the board of directors to approve a reverse stock split of the company’s common stock, among other matters.