Liminatus Pharma, Inc. Update: Nasdaq Listing Status

If you follow Liminatus Pharma (ticker: LIMN), you may have seen news about their standing on the Nasdaq. Corporate filings can be confusing, so I have broken down the situation in plain English.

1. What happened?

Nasdaq notified Liminatus Pharma that it no longer meets the requirements to stay listed on the exchange. Specifically, the company fell below the minimum thresholds for the total market value of its listed securities (MVLS) and the market value of publicly held shares (MVPHS). As a result, Nasdaq warned the company that it faces delisting, which would remove the stock from the exchange.

2. When did it happen?

The company received the formal notice of non-compliance on May 20, 2026. On May 26, 2026, Liminatus Pharma requested a hearing before the Nasdaq Hearings Panel to appeal this decision.

3. Why did it happen?

In November 2025, Nasdaq issued a warning regarding two financial standards:

• MVLS Rule: The total market value of its listed securities dropped below the $50 million minimum.
• MVPHS Rule: The market value of shares held by the public dropped below the $15 million minimum.

Nasdaq gave the company 180 days to regain compliance. By the May 20, 2026, deadline, the company had not met these requirements. The company didn't provide much detail in their filing regarding the specific strategy they plan to use to fix these valuation gaps, so we are waiting to see what they present to the panel.

4. Why does this matter?

Delisting from a major exchange like Nasdaq limits where you can trade the stock. If delisted, the stock would likely move to "Over-the-Counter" (OTC) markets. These markets often have fewer buyers and sellers, larger gaps between buy and sell prices, and less oversight. This can make the stock price much more volatile for shareholders.

5. Who is affected?

• Investors: Shareholders of LIMN stock and holders of LIMNW warrants are in a "wait and see" period. Because the company requested a hearing, the delisting is paused. The stock will continue to trade on Nasdaq while the panel reviews the case.
• The Company: Management must now present a plan to the panel showing how they will boost the company’s market value and follow Nasdaq’s rules long-term.

6. What happens next?

The hearing request pauses any suspension or delisting until the panel makes a final decision. During this time, Liminatus Pharma must show the panel a clear plan to meet the MVLS and MVPHS requirements.

7. What should investors know?

• Trading Status: The stock is not being removed immediately. The appeal process keeps the stock trading on Nasdaq for now.
• Key Catalyst: The upcoming hearing is the most important event for the stock. The panel will decide whether to give the company more time to comply or to move forward with delisting.
• Risk Assessment: A delisting notice shows the company is struggling to meet the financial standards required for a major exchange. Before making any decisions, ask yourself: Does this level of uncertainty fit my personal risk tolerance? If you are uncomfortable with the possibility of the stock moving to a less liquid OTC market, you may want to proceed with extra caution.

Disclaimer: I’m just breaking down the news for you—this isn’t financial advice! Always do your own homework before making any moves with your money.