Liminatus Pharma Faces Nasdaq Delisting After Missing Compliance Deadline

Benzinga reported Wednesday that Fullerton, California-based Liminatus Pharma, Inc. (NASDAQ: LIMN) has received a formal delisting notice from the Nasdaq Stock Market. The oncology-focused biopharmaceutical company now has until May 27, to request a hearing before Nasdaq’s appeals panel or face a suspension of trading in its common stock and warrants.

Compliance Window Closes After Six Months

Nasdaq notified Liminatus on May 20 that it had failed to meet two continued-listing requirements within the allotted remediation period. The exchange found that the company’s securities did not meet the minimum $50 million market value of listed securities threshold, known as the MVLS rule. Nasdaq also found the company failed to meet the separate $15 million market value of publicly held shares requirement, the MVPHS rule. Both shortfalls had been flagged as far back as November 2025.

Background: Notices First Issued Late Last Year

Liminatus first disclosed the compliance deficiencies in a Form 8-K filed with the Securities and Exchange Commission on November 25, 2025. Nasdaq’s listing rules gave the company 180 calendar days, running through May 18, to bring its market metrics back into compliance. That window closed without the necessary improvement, triggering this week’s formal delisting determination. The company’s shares were trading near $0.23 at the time of the announcement, reflecting a decline of roughly 6% on the session.

Also Read: SEC Enforcement Trends and Small-Cap Compliance Pressure

Appeal Deadline and What Comes Next

The company may file an appeal with the Nasdaq Hearings Panel before the May 27 deadline. A successful appeal request would stay the trading suspension while the panel reviews the matter. If no appeal is submitted by that date, Nasdaq will halt trading in LIMN shares and warrants at the open of the next trading session. Companies that are ultimately delisted from the Nasdaq Global Market typically transfer to the OTC markets, where liquidity and investor visibility are considerably lower.

Also Read: How Nasdaq Listing Standards Work for Smaller Companies

About Liminatus Pharma

Liminatus describes itself as a biopharmaceutical company pursuing treatments in oncology and other serious disease areas. The company has not provided updated guidance on its pipeline or financing strategy alongside this delisting disclosure. Whether management pursues a hearing, a reverse stock split, or other compliance strategies remains to be seen in the days ahead.

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