Liminatus Pharma Transfers to Nasdaq Capital Market; 1-for-50 Reverse Split

What Happened

• Liminatus Pharma, Inc. (LIMN) filed an 8-K reporting that after prior Nasdaq deficiency notices (MVLS $50M and MVPHS $15M on Nov 19, 2025; $1.00 bid-price deficiency on Jan 15, 2026) the Nasdaq Hearings Panel approved transferring the company to The Nasdaq Capital Market effective August 4, 2026, subject to conditions. The Panel granted an exception and required the company to file the transfer application and demonstrate compliance with the $1.00 minimum closing bid rule (Listing Rule 5550(a)(2)).
• The Board approved a 1-for-50 reverse stock split (ratio 1-for-50). The company expects the reverse split to become effective at the close of trading on August 20, 2026, but the Board retains discretion to delay or abandon it.

Key Details

• Nasdaq listing deficiencies cited: MVLS Rule (Listing Rule 5450(b)(2)(A) — $50,000,000), MVPHS Rule (Listing Rule 5450(b)(2)(C) — $15,000,000) and Bid Price Rule (Listing Rule 5450(a)(1) — $1.00).
• Timeline highlights: appeal requested May 26, 2026; hearing June 30, 2026; Panel decision to transfer July 31, 2026 (transfer effective Aug 4, 2026). Company filed the transfer application Aug 4, 2026.
• Compliance conditions and extensions: original requirement to show a $1.00 closing bid for 10 consecutive trading days by Aug 28, 2026; Panel granted a brief extension to Sept 3, 2026.
• Panel noted the company had regained compliance with the stockholders’ equity rule (alternative to MVLS) and the MVPHS requirement as part of the phase-down.

Why It Matters

• For investors, the transfer to the Nasdaq Capital Market plus the 1-for-50 reverse split are intended to address the $1.00 minimum bid-price requirement and preserve the company’s Nasdaq listing. If successful, these actions reduce immediate delisting risk.
• However, continued listing is conditional: the company must demonstrate the required bid-price compliance within the extended deadline, and the Board may delay or abandon the reverse split. There is no assurance the company will regain full compliance.