Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 401

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 401
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 existing and expected trading prices for Cara common stock and the listing requirements of Nasdaq.

If Proposal No. 4 is not approved and the Merger is not effected, the Cara Board may still choose to implement the Reverse Stock Split in order to effectively increase the per share price of Cara common stock.

The form of the amendment to the amended and restated certificate of incorporation of Cara to effect the Reverse Stock Split, as more fully described below, will effect the Reverse Stock Split but will not change the number of authorized shares of common stock or preferred stock, or the par value of Cara common stock or preferred stock.

#### Purpose
The Cara Board approved the proposal approving the amendment to the amended and restated certificate of incorporation of Cara effecting the Reverse Stock Split for the following reasons:

•

the Cara Board believes effecting the Reverse Stock Split may be an effective means of satisfying the Nasdaq initial listing requirements for Cara common stock following the closing of the Merger;

•

the Cara Board believes that if Cara effects the Reverse Stock Split using a 1-for-2 ratio, that, together with the approval of the Authorized Share Increase Proposal, Cara will have a number of authorized but unissued shares sufficient for the issuance of shares of Cara common stock to Tvardi’s stockholders pursuant to the Merger Agreement; and

•

the Cara Board believes a higher stock price may help generate investor interest in Cara and help Cara attract and retain employees.

If the Reverse Stock Split successfully increases the per share price of Cara common stock, the Cara Board believes this increase may increase trading volume in Cara common stock and facilitate future financings by the combined company. However, there can be no guarantee or assurances that the Reverse Stock Split will have such intended effects.

#### Nasdaq Requirements for Listing on Nasdaq
Cara common stock is listed on The Nasdaq Capital Market under the symbol “CARA.” Cara has filed an initial listing application with Nasdaq, as described below, to seek a listing upon the closing of the Merger. According to Nasdaq rules, an issuer must, in a case such as this, apply for initial inclusion following a transaction whereby the issuer combines with a non-Nasdaq entity, resulting in a change of control of the issuer and potentially allowing the non-Nasdaq entity to obtain a Nasdaq listing. Accordingly, the listing

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standards of Nasdaq will require Cara to have, among other things, a $4.00 per share minimum bid price upon the