Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 405

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 405
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 and Nasdaq considers the matter closed.

In addition to its previous noncompliance with the Minimum Bid Price Requirement, and as previously disclosed, on November 19, 2024, Cara received a letter (Stockholders’ Equity Notice) from the Staff notifying Cara that it was not in compliance with the minimum stockholders’ equity requirement for continued listing on The Nasdaq Capital Market as set forth in Nasdaq Listing Rule 5550(b)(1) (Stockholders’ Equity Requirement), because Cara’s stockholders’ equity of $707,000, as reported in the Cara’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, was below the required minimum of $2.5 million and Cara did not meet either of the alternative compliance standards.

As requested by the Staff, Cara subsequently submitted a plan to regain compliance to Nasdaq (Compliance Plan). Based on the Compliance Plan, which contemplates the closing of the Merger, on January 14, 2025, Nasdaq granted Cara an extension until May 19, 2025 to regain compliance with the Stockholders’ Equity Requirement.

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The Merger will constitute a “change of control” for purposes of Nasdaq’s listing rules and will require that the combined company comply with all applicable criteria for initial listing on The Nasdaq Capital Market, including a higher minimum bid price requirement and higher minimum stockholders’ equity requirement. The parties intend to satisfy each of the applicable listing criteria upon completion of the proposed Merger such that the combined company will remain listed on The Nasdaq Capital Market.

While Cara is making every effort to regain compliance prior to the extended deadline, there can be no assurance that Cara will be able to regain compliance within the extension period, by consummation of the Merger or otherwise, and maintain its listing on The Nasdaq Capital Market. If Cara does not regain compliance within the extension period, or if Cara fails to satisfy another Nasdaq requirement for continued listing, the Staff could provide notice that Cara’s securities will become subject to delisting. In such event, Nasdaq rules would permit Cara to appeal the delisting determination to a Nasdaq Hearings Panel. The hearing request would ordinarily stay any suspension or delisting action pending the conclusion of the hearing process and the expiration of any additional extension period granted by the panel following the hearing, but there can be no assurance that any such appeal would be successful.

#### Principal Effects of the Reverse Stock