Iris Acquisition Corp is a SPAC — a blank check company with no operations or revenue — formed to identify and merge with a private company, taking it public. Iris raised $276M in its March 2021 IPO at $10.00 per unit, with proceeds held in a Trust Account invested in U.S. government securities while Iris searched for a target. Iris has identified Liminatus Pharma as its merger target, signing a Business Combination Agreement in November 2022 and receiving stockholder approval in March 2025. Under the structure, both Iris and Liminatus merge into a new holding company, Iris Parent Holding Corp, creating a publicly traded pharmaceutical entity. The deal has taken over two years to close and has seen near-total shareholder redemptions, with the Trust Account declining from $276M to roughly $2M as public shareholders opted to redeem rather than participate in the combined company. To offset the depleted trust, Iris arranged a $15M PIPE at $10.00 per share. The sponsor, Iris Acquisition Holdings, received founder shares at nominal cost — standard SPAC economics where the sponsor profits only if a deal closes. The sponsor has changed hands multiple times since the IPO, passing through Tribe Capital Markets, Arrow Capital, Columbass Limited, and ultimately Iris Equity Holdings, a vehicle of Korean firm Gaius Investment Partners.