Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 281

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 281
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 particularly its management, will serve in similar roles at the combined organization; |

| ● | the fact that shares of Cara common stock issued to Tvardi stockholders will be registered on a Form S-4 registration statement and will become freely tradable for Tvardi stockholders who are not affiliates of Tvardi and who are not parties to the Lock-Up Agreements; |

| ● | the Support Agreements, pursuant to which certain directors, officers and stockholders of Cara and Tvardi, respectively, have agreed, solely in their capacity as stockholders of Cara and Tvardi, respectively, to vote all of their shares of Cara common stock or Tvardi capital stock, respectively, in favor of the adoption and approval, of the Merger Agreement and the Contemplated Transactions; |

| ● | the ability to obtain a Nasdaq listing and comply with Nasdaq listing requirements; |

147

| ● | the terms and conditions of the Merger Agreement, including, without limitation, the following: |

| ● | the expected relative percentage ownership of Cara equityholders and Tvardi equityholders in the combined company initially at the Closing and the implied valuation of Tvardi based on Cara’s cash contribution to the combined company; |

| ● | the parties’ representations, warranties and covenants and the conditions to their respective obligations; |

| ● | the limited number and nature of the conditions of the obligation of Cara to consummate the Merger; and |

| ● | the likelihood that the Merger will be consummated on a timely basis. |

Tvardi’s Board also considered a number of uncertainties and risks in its deliberations concerning the Merger and the other transactions contemplated by the Merger Agreement, including the following:

| ● | the risk that the potential benefits of the Merger Agreement may not be realized; |

| ● | the risk that future sales of common stock by existing Cara stockholders may cause the price of Cara common stock to fall, thus reducing the value of the consideration received by Tvardi stockholders in the Merger; |

| ● | the termination fee of $2.25 million and/or expense reimbursements of up to $750,000, payable by Tvardi to Cara upon the occurrence of certain events, and the |

| ● | the price volatility of Cara’s common stock, which may reduce the value of Cara common stock that Tvardi stockholders will receive upon the Closing; |

| ● | the potential reduction of Cara’s net cash prior to