Key points
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LIMN shares jumped 31% after Nasdaq was notified of the delisting, although pre-market sessions saw sharp reversals.
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The company falls short of Nasdaq’s $50 million market cap and $15 million public float threshold.
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Liminatus has until May 27 to file an appeal, otherwise trading will cease on May 29.
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Large price fluctuations reflect investor uncertainty about the compliance status of NASDAQ.
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Filing an appeal will temporarily halt the deletion process pending committee review.
Shares of Liminatus Pharma, Inc. (LIMN) Exciting move after notification from Nasdaq regarding possible delisting. The stock ended the trading day at $0.2460, registering a significant increase of 30.99%, but fell significantly to $0.1830 during pre-market hours. This early morning drop wiped out the majority of the impressive rally that occurred the previous day.
Liminatus Pharma, Inc. Class A common stock, LIMN
the a company It did not reach the NASDAQ’s mandatory $50 million minimum market capitalization for listed securities. Furthermore, the biotechnology company also failed to meet the $15 million market capitalization requirement for publicly held shares. Nasdaq originally extended a 180-day grace period for Liminatus to achieve compliance.
Unless Liminatus files an appeal with the Nasdaq Hearings Committee by the deadline of May 27, 2026, the stock will be delisted. The suspension of trading activities will begin on May 29, 2026, if the company fails to submit its appeal. Management has indicated its intention to pursue a hearing to prevent any suspension of trading.
Understand Nasdaq’s compliance framework and key dates
Nasdaq listing Rule 5450(b)(2)(A) requires companies to maintain at least $50 million of the market value of their listed securities. This regulation exists to ensure sufficient market value for continued listing on the stock exchange. Liminatus was unable to achieve this standard before the compliance deadline of May 18, 2026.
The publicly held stock standard set forth in Rule 5450(b)(2)(C) sets a minimum of $15 million. This standard ensures appropriate levels of general trading to maintain market stability and trading liquidity. Liminatus failed to meet this requirement within the 180-day compliance period.
If the company’s appeal is accepted, the suspension and delisting procedures will be temporarily suspended. This provides Liminatus the opportunity to submit compliance strategies to the NASDAQ committee for consideration. The committee’s decision will ultimately determine whether the stock will retain its listing status.
Investor response and company history
Trading in LIMN shares has shown exceptional volatility since the delisting announcement. Market participants responded dramatically to both the significant price rise and subsequent pre-market decline. This trading behavior underscores the uncertainty about the company’s NASDAQ compliance efforts and its future direction.
The drugmaker had already disclosed these compliance challenges in a Form 8-K filing dated November 25, 2025. Liminatus has traded under mandatory market cap standards since November 19, 2025. Nasdaq has issued several warnings and set deadlines for the company to address these deficiencies.
The deletion scenario illustrates this Nasdaq Strict application of inclusion criteria. Companies unable to meet MVLS and MVPHS standards face swift regulatory action. The success of Liminatus’ appeal will decide whether the stock will retain its position on the Nasdaq Global Market.
