Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 280

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 280
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 Interests of the Cara Directors and Executive Officers in the Merger”.

146

Tvardi Reasons for the Merger The following discussion sets forth material factors considered by the Tvardi Board in reaching its determination to approve the terms and authorize the execution of the Merger Agreement for the purpose of implementing the Merger; however, it may not include all of the factors considered by the Tvardi Board. In light of the number and wide variety of factors considered in connection with its evaluation of the Merger Agreement, the Tvardi Board did not consider it practicable to, and did not attempt to, quantify or otherwise assign relative weights to the specific factors it considered in reaching its determination. The Tvardi Board viewed its position and determinations as being based on all of the information available and the factors presented to and considered by it. In addition, individual directors may have given different weight to different factors. In the course of reaching its decision to approve the terms and authorize the execution of the Merger Agreement for the purpose of consummating the Merger, the Tvardi Board consulted with Tvardi’s senior management and legal counsel, reviewed a significant amount of information and considered a number of factors, including, among others:

| ● | historical and current information concerning Tvardi’s business, including its financial performance and condition, operations, management and competitive position; |

| ● | Tvardi’s prospects if it were to remain an independent privately held company, including its need to obtain additional financing and the terms on which it would be able to obtain such financing, if at all; |

| ● | the Tvardi Board’s belief that no alternatives to the Merger were reasonably likely to create greater value for Tvardi stockholders, after reviewing the various financing and other strategic options to enhance stockholder value that were considered by the Tvardi Board; |

| ● | the cash resources of the combined company expected to be available at the Closing and the anticipated burn rate of the combined organization; |

| ● | the broader range of investors to support the development of Tvardi’s product candidates than it could otherwise obtain if it continued to operate as a privately held company; |

| ● | the potential to provide its current stockholders with greater liquidity by owning stock in a public company; |

| ● | the expectation that the Merger with Cara would be a more time- and cost-effective means to access capital than other options considered; |

| ● | the expectation that substantially all of Tvardi’s employees,