Liminatus Pharma Faces Nasdaq Listing Review; Proposes Reverse Split

What Happened

• Liminatus Pharma, Inc. (LIMN) reported that Nasdaq notified the company it was not in compliance with the minimum bid price requirement (Nasdaq Listing Rule 5450(a)(1)) based on the 30‑day closing bid test. The initial notice was received on January 15, 2026, giving a 180‑day cure period that expired July 14, 2026.
• The company requested an extension at a Nasdaq Hearings Panel hearing on June 30, 2026. On July 20, 2026 Nasdaq informed Liminatus that it had not regained compliance and was not eligible for a second 180‑day extension; the Panel will decide on the company’s continued Nasdaq listing and has asked the company to submit a written response by July 27, 2026. The Panel has not yet issued a decision.
• Separately, on July 13, 2026 the company filed a definitive proxy for its August 3, 2026 annual meeting that includes a proposal to approve a reverse stock split of its common stock.

Key Details

• Jan 15, 2026: Nasdaq notice of noncompliance with the $1.00 minimum bid price rule (Rule 5450(a)(1)); initial 180‑day cure period ran to July 14, 2026.
• June 30, 2026: Hearing before the Nasdaq Hearings Panel; July 20, 2026: Nasdaq advised company not eligible for a second 180‑day extension.
• Deadline to submit written views to the Panel: July 27, 2026. Panel decision on continued listing pending.
• July 13, 2026: Definitive proxy filed for Aug 3, 2026 annual meeting to seek shareholder approval of a reverse stock split.

Why It Matters

• The company is currently noncompliant with Nasdaq’s minimum bid price standard and faces a pending Panel decision that could affect its continued listing on Nasdaq. Listing status is material to liquidity, trading venue and investor access.
• The proposed reverse stock split (subject to shareholder approval on August 3, 2026) is a typical remedy used to raise a stock’s per‑share price to meet listing requirements; its approval would change the company’s outstanding share count and per‑share price but must be approved by shareholders and accepted by Nasdaq.
• Investors should monitor the company’s written submission to the Nasdaq Panel, the Panel’s decision, and the outcome of the August 3, 2026 shareholder vote for the reverse split for near‑term impacts on trading and compliance.