The case for Liminatus Pharma, Inc. staying on Nasdaq grows thinner by the week. The Fullerton, California pharmaceutical company disclosed on July 24, 2026, that the exchange has notified it the company failed to regain compliance with the minimum $1 bid price requirement and is no longer eligible for a second 180-day extension, placing its Class A common stock (LIMN) and warrants (LIMNW) in jeopardy ahead of a Nasdaq Hearings Panel decision that has not yet been issued.
How the compliance clock ran out
Liminatus Pharma first received a deficiency notice from the Nasdaq Listing Qualifications Department on January 15, 2026. The notice stated the company's closing bid price had fallen below $1 per share for 30 consecutive business days, triggering Nasdaq Listing Rule 5450(a)(1). Nasdaq gave the company 180 calendar days, until July 14, 2026, to correct the problem.
The company appeared before the Nasdaq Hearings Panel on June 30, 2026, requesting an extension. Nasdaq's July 20 response was a denial: compliance had not been achieved, and a second extension is off the table.
Where things stand now
The Panel has not issued a final decision on continued listing. Liminatus has until July 27, 2026 to submit a written response addressing what the filing describes as the "additional deficiency." Chief Executive Officer Chris Kim signed the 8-K, filed under Nasdaq Listing Rule 5810(b), which requires prompt public disclosure of deficiency notifications.
The read-through is blunt. The company has exhausted the standard remediation pathways. What remains is a written plea to the Panel while the clock continues to run.
The counterargument: a reverse split is still pending
The counterargument deserves its accounting. On July 13, 2026, Liminatus filed a definitive proxy statement for its annual stockholder meeting, scheduled for August 3, 2026 at 10:30 a.m. Pacific Time. The agenda includes a vote to authorize the board to approve a reverse stock split of the company's common stock. A reverse split, if approved and executed quickly enough, is the most direct mechanism for pushing the bid price above $1. The Panel may weigh that pending vote when it issues its ruling.
On balance
On balance, the risk is that the Panel acts before August 3, or that stockholder approval alone does not satisfy the Panel's concerns about the additional deficiency. The line to watch is July 27: what Liminatus submits in writing that week will be the company's clearest signal of whether it has a credible path back to compliance, or whether the delisting of LIMN is already effectively underway.