Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 36

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 36
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 The assumed Exchange Ratio was calculated assuming, among other things, (i) a Reverse Stock Split of 1-for-2, to be implemented immediately prior to the closing of the Merger, as may be adjusted, (ii) that Cara Net Cash at the Closing will be between $22.875 million and $23.125 million and (iii) an amount of Conversion Shares equal to approximately 1,921,436. Such assumed Exchange Ratio is subject to certain adjustments, including based on the amount of Cara Net Cash at Closing, the final ratio for the reverse stock split of Cara common stock and the final amount of Conversion Shares. The Exchange Ratio formula is based upon a Tvardi fixed valuation of $210.0 million and a Cara valuation of $43.0 million, subject to certain adjustments, including based upon Cara Net Cash at Closing, and an assumed implied value of the combined company of $282.0 million, subject to certain adjustments, as more fully described in the section titled “ The Merger Agreement — Merger Consideration and Exchange Ratio ” beginning on page 191of this proxy statement/prospectus. An $18.0 million Cara Net Cash threshold is a condition for Tvardi to be required to complete the Merger.

#### Reasons for the Merger
The Cara Board considered various reasons for the Merger, as described later in this proxy statement under the section titled “ The Merger — Cara Reasons for the Merger .”

### Opinion of Cara’s Financial Advisor
**On December 17, 2024, Piper Sandler & Co. (Piper Sandler), rendered its oral opinion, which was subsequently confirmed by delivery of Piper Sandler’s written opinion, dated December 17, 2024, to the Cara Board that, as of such date and based upon and subject to the various assumptions made, procedures followed, matters considered, and qualifications and limitations upon the review undertaken by Piper Sandler in preparing its opinion, the Exchange Ratio (without giving effect to the Reverse Stock Split) was fair, from a financial point of view, to Cara as of the date thereof (the Piper Sandler Opinion, as more fully described under the section titled “ The Merger — Opinion of Cara’s Financial Advisor ” beginning on page 163).

The full text of the written opinion is attached to this proxy statement/prospectus as Annex B and is incorporated into this proxy statement/prospectus by reference. The description of the Piper Sandler Opinion set forth in this proxy statement/prospectus is