TLDR
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LIMN spikes 31% after Nasdaq sets delisting deadline, pre-market drops follow.
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Liminatus misses $50M market value and $15M public float Nasdaq requirements.
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Company must appeal by May 27 to prevent trading suspension on May 29.
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High volatility hits LIMN as Nasdaq enforces listing rules strictly.
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Appeal request will stay delisting, giving Liminatus time to regain compliance.
Liminatus Pharma, Inc. (LIMN) shares surged sharply after the company received a delisting notice from Nasdaq. The stock closed at $0.2460, up 30.99%, before falling to $0.1830 in pre-market trading. The early selloff erased most of the prior session’s gains.
Liminatus Pharma, Inc. Class A Common Stock, LIMN
The company failed to meet Nasdaq’s $50 million market value of listed securities requirement. Additionally, it did not comply with the $15 million market value of publicly held shares requirement. Nasdaq initially gave Liminatus 180 days to regain compliance.
Liminatus will face delisting unless it appeals to the Nasdaq Hearings Panel by May 27, 2026. Trading suspension would begin on May 29, 2026, if no appeal is filed. The company intends to request a hearing to stay any suspension.
Nasdaq Delisting Rules and Timeline
Nasdaq Listing Rule 5450(b)(2)(A) mandates a $50 million minimum market value for listed securities. The rule aims to ensure sufficient market capitalization for continued listing. Liminatus failed to reach this threshold by the May 18, 2026 deadline.
The publicly held shares requirement under Rule 5450(b)(2)(C) sets a $15 million minimum. This ensures adequate public float for market stability and liquidity. Liminatus did not meet this requirement within the allotted 180 days.
If the company’s appeal is accepted, suspension and delisting actions will be paused. This provides time for Liminatus to present compliance plans to the Nasdaq Panel. The outcome will determine whether the stock remains listed.
Market Reaction and Background
LIMN stock has experienced high volatility following the delisting notice. Investors reacted to both the sharp gains and pre-market losses. Market activity reflects uncertainty surrounding Nasdaq compliance and company strategy.
Liminatus previously disclosed the compliance issues in a Form 8-K filed on November 25, 2025. The company has been below the required market value thresholds since November 19, 2025. Nasdaq provided multiple notifications and deadlines to address these shortfalls.
The delisting process highlights Nasdaq’s strict enforcement of listing standards. Companies failing to meet MVLS and MVPHS rules face immediate regulatory consequences. Liminatus’ appeal will determine if the stock can continue trading on the Nasdaq Global Market.
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