UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 9, 2024
IRIS ACQUISITION CORP
(Exact name of registrant as specified in its charter)
Delaware | 001-40167 | 85-3901431 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
3rd Floor Zephyr House
122 Mary Street, George Town
PO Box 10085
Grand Cayman KY1-1001, Cayman Islands
((Address of principal executive offices) (Zip Code)
971 4 3966949
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
x | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) |
Name of each exchange on which registered |
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Units, each consisting of one share of Class A Common Stock and one-fourth of one Redeemable Warrant | IRAAU | The Nasdaq Stock Market LLC | ||
Class A Common Stock, par value $0.0001 per share | IRAA | The Nasdaq Stock Market LLC | ||
Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 | IRAAW | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 1.01 | Entry into a Material Definitive Agreement. |
Third Amendment to the Business Combination Agreement
On March 9, 2024, Iris Acquisition Corp, a Delaware corporation (“we,” “our,” or “Iris”), Iris Parent Holding Corp., a Delaware corporation (“ParentCo”) and Liminatus Pharma, LLC, a Delaware limited liability company (“Liminatus”), entered into a third amendment (the “Third BCA Amendment”) to the Business Combination Agreement, dated November 28, 2022, as amended by the Amendment to Business Combination Agreement, dated June 1, 2023, and the Second Amendment to the Business Combination Agreement, dated August 14, 2023 (the “BCA”), to extend the date by which we must consummate a business combination to July 31, 2024.
Effect of the Third BCA Amendment
Other than the extension of the date by which we must consummate a business combination, all of the terms, covenants, agreements, and conditions of the BCA remain in full force and effect in accordance with its original terms.
A copy of the Third BCA Amendment is filed with this Current Report on Form 8-K as Exhibit 2.1 and is incorporated herein by reference, and the foregoing description of the Third BCA Amendment is qualified in its entirety by reference thereto.
Certain Related Agreements
PIPE Equity Subscription Agreement and Convertible Note Subscription Agreement
Concurrently with the Third BCA Amendment, ParentCo, Iris and the PIPE subscriber entered into a second amendment (the “Second Amendment to Equity PIPE”) to the Equity Subscription Agreement, dated November 28, 2022, as amended by the Amendment to Subscription Agreement, dated August 14, 2023 (the “PIPE Equity Subscription Agreement”), pursuant to which the deadline for the Closing (as defined therein) of the PIPE Equity Subscription Agreement was extended to July 31, 2024.
Simultaneously with the Second Amendment to Equity PIPE, ParentCo, Iris and the PIPE subscriber entered into a second amendment (the “Second Amendment to Convertible Note PIPE”) to the Convertible Note Subscription Agreement, dated November 28, 2022, as amended by the Amendment to the Convertible Note Subscription Agreement, dated August 14, 2023 (the “Convertible Note Subscription Agreement), pursuant to which the deadline for the Closing (as defined therein) of the Convertible Note Subscription Agreement was extended to July 31, 2024.
The foregoing descriptions of the Second Amendment to Equity PIPE and the Second Amendment to Convertible Note PIPE do not purport to be complete and are qualified in their entirety by the terms and conditions of the Second Amendment to Equity PIPE and the Second Amendment to Convertible Note PIPE, copies of which are attached hereto as Exhibit 10.1 and Exhibit 10.2, respectively, and are incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IRIS ACQUISITION CORP | |||
Date: April 5, 2024 | By: | /s/ Sumit Mehta | |
Name: | Sumit Mehta | ||
Title: | Chief Executive Officer |
Exhibit 2.1
THIRD AMENDMENT TO BUSINESS COMBINATION AGREEMENT
This Third Amendment to Business Combination Agreement (this “Amendment”) is entered into as of March 9, 2024, by and among Iris Acquisition Corp, a Delaware corporation (the “SPAC”), Iris Parent Holding Corp., a Delaware corporation (“ParentCo”), and Liminatus Pharma, LLC, a Delaware limited liability company (the “Company”). Each of SPAC, ParentCo, and the Company is also referred to herein as a “Party” and, collectively, the “Parties”.
RECITALS
WHEREAS, the Parties, along with Liminatus Pharma Merger Sub, Inc., a Delaware corporation, and SPAC Merger Sub, Inc., a Delaware corporation, entered into that certain Business Combination Agreement, dated November 30, 2022 (the “BCA”);
WHEREAS, the Parties previously entered into that certain Amendment to Business Combination Agreement, dated June 1, 2023, to, among other things, extend the Outside Date (as defined in the BCA) to September 11, 2023;
WHEREAS, the Parties previously entered into that certain Second Amendment to Business Combination Agreement, dated August 14, 2023, to among other things, extend the Outside Date (as defined in the BCA) to March 9, 2024;
WHEREAS, the Parties desire to further amend the BCA to extend the Outside Date; and WHEREAS, Section 11.1 of the BCA provides that the BCA may only be amended by a
written instrument executed by SPAC, ParentCo, and the Company.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the BCA, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto do hereby agree as follows:
1. Definitions. Capitalized terms used herein but not otherwise defined shall have the meanings given to them in the BCA
2. Amendment to BCA.
(a) Section 10.1(c). Section 10.1(c) of the BCA is hereby amended and restated in its entirety to read as follows:
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“by the Company or SPAC by written notice to the other Party if the consummation of the transactions contemplated by this Agreement shall not have occurred on or before July 31, 2024 (the “Outside Date”); provided, however,
that the right to terminate this Agreement under this Section 10.1(c) shall not be available to any Party that has materially breached any of its representations, warranties, covenants or agreements under this Agreement (including, with respect to the Company, any breach by ParentCo) if such material breach is the primary cause of or has resulted in the failure of the transactions contemplated by this Agreement to be consummated on or before such date;”
3. Effect on BCA. Except as set forth in this Amendment, all of the terms, covenants, agreements, and conditions of the BCA shall remain in full force and effect in accordance with its original terms.
4. Prior Agreements. This Amendment supersedes all prior or contemporaneous negotiations, commitments, agreements and writings with respect to the subject matter hereof, all such other negotiations, commitments, agreements and writings will have no further force or effect, and the Parties to any such other negotiation, commitment,agreement or writing will have no further rights or obligations thereunder.
5. Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New York without regard to any conflicts of laws principles thereto that would call for the application of the laws of any other jurisdiction.
6. Counterparts, Facsimile Signatures. This Amendment may be executed in any number of identical counterparts, each of which, for all purposes, is to be deemed an original, and all of which constitute, collectively, one and the same Amendment. Signatures transmitted by electronic means shall have the same legal effect as an original signature hereto.
[Signature page to follow.]
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IN WITNESS WHEREOF, this Third Amendment to Business Combination Agreement has been duly executed and delivered by each of the Parties as of the date first above written.
SPAC | ||
Iris Acquisition Corp | ||
By: | /s/ Sumit Mehta | |
Name: | Sumit Mehta | |
Title: |
Chief Executive Officer |
COMPANY |
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Liminatus Pharma, LLC | ||
By: | /s/ Chris Kim | |
Name: | Chris Kim | |
Title: | CEO, Secretary and Treasurer |
PARENTCO |
||
Iris Parent Holding Corp. | ||
By: | /s/ Chris Kim | |
Name: | Chris Kim | |
Title: | CEO, Secretary and Treasurer |
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Exhibit 10.1
SECOND AMENDMENT TO SUBSCRIPTION AGREEMENT
This Second Amendment to Subscription Agreement (this “Amendment”) is entered into as of March 9, 2024, by and among Iris Acquisition Corp, a Delaware corporation (“Iris”), Iris Parent Holding Corp., a Delaware corporation (“ParentCo”), Ewon Comfortech Co., Ltd., a South Korean company (“Subscriber”), and Liminatus Pharma, LLC, a Delaware limited liability company (“Liminatus”). Each of Iris, ParentCo, Subscriber and Liminatus is also referred to herein as a “Party” and, collectively, the “Parties”.
RECITALS
WHEREAS, Iris, ParentCo and Subscriber entered into that certain Subscription Agreement, dated November 28, 2022 (the “Subscription Agreement”);
WHEREAS, the Parties previously entered into that certain Amendment to Subscription Agreement, dated August 14, 2023, to among other things, extend the Closing Date (as defined in the Subscription Agreement) to March 9, 2024;
WHEREAS, the Parties desire to further amend the Subscription Agreement as set forth herein; and
WHEREAS, Section 9(i) of the Subscription Agreement provides that the Subscription Agreement may only be amended by a written instrument executed by each of the Parties.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Subscription Agreement, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto do hereby agree as follows:
1. Definitions. Capitalized terms used herein but not otherwise defined shall have the meanings given to them in the Subscription Agreement.
2. Second Amendment to Subscription Agreement.
(a) Section 6. Clause (c) of the first sentence of Section 6 of the Subscription Agreement is hereby amended and restated in its entirety to read as follows:
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“by written notice from Subscriber given any time on or after July 31, 2024, if the Closing has not occurred by such date and the terminating party’s breach was not the primary reason the Closing failed to occur by such date, (the termination events described in clauses (a)–(c) above, collectively, the “Termination Events”); provided, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination or common law intentional fraud in the making of any representation or warranty hereunder,
and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach or fraud.”
3. Effect on Subscription Agreement. Except as set forth in this Second Amendment, all of the terms, covenants, agreements, and conditions of the Subscription Agreement shall remain in full force and effect in accordance with its original terms.
4. Prior Agreements. This Second Amendment supersedes all prior or contemporaneous negotiations, commitments, agreements and writings with respect to the subject matter hereof, all such other negotiations, commitments, agreements and writings will have no further force or effect, and the parties to any such other negotiation, commitment, agreement or writing will have no further rights or obligations thereunder.
5. Governing Law. This Second Amendment shall be governed by and construed in accordance with the laws of the State of New York without regard to any conflicts of laws principles thereto that would call for the application of the laws of any other jurisdiction.
6. Counterparts, Facsimile Signatures. This Second Amendment may be executed in any number of identical counterparts, each of which, for all purposes, is to be deemed an original, and all of which constitute, collectively, one and the same Second Amendment. Signatures transmitted by electronic means such as email or facsimile shall have the same legal effect as an original signature hereto.
[Signature page to follow.]
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IN WITNESS WHEREOF, this Second Amendment to Subscription Agreement has been duly executed and delivered by each of the Parties as of the date first above written.
IRIS | ||
Iris Acquisition Corp | ||
By: | /s/ Sumit Mehta | |
Name: | Sumit Mehta | |
Title: |
Chief Executive Officer |
PARENTCO |
||
Iris Parent Holding Corp. | ||
By: | /s/ Chris Kim | |
Name: | Chris Kim | |
Title: | CEO, Secretary and Treasurer |
SUBSCRIBER |
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Ewon Comfortech Co., Ltd. | ||
By: | /s/Kyeong Hoon | |
Name: | Kyeong Hoon | |
Title: | CEO |
LIMINATUS |
||
Liminatus Pharma, LLC | ||
By: | /s/ Chris Kim | |
Name: | Chris Kim | |
Title: | CEO, Secretary and Treasurer |
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Exhibit 10.2
SECOND AMENDMENT TO CONVERTIBLE NOTE SUBSCRIPTION AGREEMENT
This Second Amendment to Convertible Note Subscription Agreement (this “Amendment”) is entered into as of March 9, 2024, by and among Iris Acquisition Corp, a Delaware corporation (“Iris”), Iris Parent Holding Corp., a Delaware corporation (“ParentCo”), Ewon Comfortech Co., Ltd., a South Korean company (“Subscriber”) and Liminatus Pharma, LLC, a Delaware limited liability company (“Liminatus”). Each of Iris, ParentCo, Subscriber and Liminatus is also referred to herein as a “Party” and, collectively, the “Parties”.
RECITALS
WHEREAS, Iris, ParentCo and Subscriber entered into that certain Convertible Note Subscription Agreement, dated November 28, 2022 (the “Note Subscription Agreement”);
WHEREAS, the Parties previously entered into that certain Amendment to Note Subscription Agreement, dated August 14, 2023, to among other things, extend the Closing Date (as defined in the Subscription Agreement) to March 9, 2024;
WHEREAS, the Parties desire to further amend the Note Subscription Agreement as set forth herein; and
WHEREAS, Section 10(h) of the Note Subscription Agreement provides that the Note Subscription Agreement may only be amended by a written instrument executed by each of the Parties.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and in the Note Subscription Agreement, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto do hereby agree as follows:
1. Definitions. Capitalized terms used herein but not otherwise defined shall have the meanings given to them in the Note Subscription Agreement.
2. Second Amendment to Note Subscription Agreement.
(a) Section 7. Clause (c) of the first sentence of Section 7 of the Note Subscription Agreement is hereby amended and restated in its entirety to read as follows:
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“by written notice from Subscriber given any time on or after July 31, 2024, if the Closing has not occurred by such date and the terminating party’s breach was not the primary reason the Closing failed to occur by such date, (the termination events described in clauses (a)–(c) above, collectively, the “Termination Events”); provided, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination or common
law intentional fraud in the making of any representation or warranty hereunder, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach or fraud.”
3. Effect on Note Subscription Agreement. Except as set forth in this Second Amendment, all of the terms, covenants, agreements, and conditions of the Note Subscription Agreement shall remain in full force and effect in accordance with its original terms.
4. Prior Agreements. This Second Amendment supersedes all prior or contemporaneous negotiations, commitments, agreements and writings with respect to the subject matter hereof, all such other negotiations, commitments, agreements and writings will have no further force or effect, and the parties to any such other negotiation, commitment, agreement or writing will have no further rights or obligations thereunder.
5. Governing Law. This Second Amendment shall be governed by and construed in accordance with the laws of the State of New York without regard to any conflicts of laws principles thereto that would call for the application of the laws of any other jurisdiction.
6. Counterparts, Facsimile Signatures. This Second Amendment may be executed in any number of identical counterparts, each of which, for all purposes, is to be deemed an original, and all of which constitute, collectively, one and the same Second Amendment. Signatures transmitted by electronic means such as email or facsimile shall have the same legal effect as an original signature hereto.
[Signature page to follow.]
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IN WITNESS WHEREOF, this Second Amendment to Convertible Note Subscription Agreement has been duly executed and delivered by each of the Parties as of the date first above written.
IRIS | ||
Iris Acquisition Corp | ||
By: | /s/ Sumit Mehta | |
Name: | Sumit Mehta | |
Title: |
Chief Executive Officer |
PARENTCO |
||
Iris Parent Holding Corp. | ||
By: | /s/ Chris Kim | |
Name: | Chris Kim | |
Title: | CEO, Secretary and Treasurer |
SUBSCRIBER |
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Ewon Comfortech Co., Ltd. | ||
By: | /s/Kyeong Hoon | |
Name: | Kyeong Hoon | |
Title: | CEO |
LIMINATUS |
||
Liminatus Pharma, LLC | ||
By: | /s/ Chris Kim | |
Name: | Chris Kim | |
Title: | CEO, Secretary and Treasurer |
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