Liminatus Pharma Inc. (NASDAQ:LIMN) shares are trending on Friday.
LIMN shares surged 79.34% to $0.34 after the bell on Thursday.
The stock of the biopharmaceutical company had experienced an intraday drop of 1.16%, closing at $0.19, according to Benzinga Pro data.
Liminatus announced a definitive merger agreement with Delaware-based limited liability company InnocsAI LLC on Thursday. According to the company announcement, InnocsAI members will receive 1.6 billion shares at $0.20 per share, plus contingent value rights representing 20% of net proceeds from future asset exits.
What You Should Know
Notably, Liminatus’s CEO Chris Kim controls Valetudo Therapeutics LLC, a member of InnocsAI.
Liminatus Pharma has over 44.8 million shares outstanding.
The deal brings a clinical-stage oncology portfolio, including IBC101, a CD19xCD22 bivalent CAR-T candidate authorized for a Phase 1/2a study in South Korea and preclinical solid tumor program INC101.
The merger is subject to shareholder approval and SEC review, with a termination deadline of Dec. 31.
Liminatus Pharma went public through a special purpose acquisition company (SPAC) merger with Iris Acquisition Corp in 2022.
Trading Metrics, Technical Analysis
Liminatus Pharma has a market capitalization of $8.43 million, a 52-week high of $33.66 and a 52-week low of $0.16.
The Relative Strength Index (RSI) of LIMN stands at 42.16.
The small-cap stock of the biotech has dropped 96.95% over the past 12 months.
LIMN is currently trading close to its 52-week low.
The stock's steep decline and weak positioning point to continued pressure, underscoring elevated risk and the need for clear recovery signals before investor confidence improves.
Benzinga’s Edge Stock Rankings indicate that LIMN has a negative price trend across all time frames.
Photo Courtesy: Alexandr Popel on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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