Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 409

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 409
---
 $0.001 per share, subject to the treatment of fractional share interests as described below (the Reverse Stock Split). Notwithstanding the immediately preceding sentence, no fractional shares shall be issued as a result of the reverse stock split. Instead, any stockholder who would otherwise be entitled to a fractional share of Common Stock as a result of the Reverse Stock Split shall be entitled to receive a cash payment equal to the product of such resulting fractional interest in one share of Common Stock multiplied by the closing trading price of a share of Common Stock on the last trading day immediately prior to the date on which the Effective Time occurs. Each certificate that immediately prior to the Effective Time represented shares of Common Stock (Old Certificates), shall thereafter represent that number of shares of Common Stock into which the shares of Common Stock represented by the Old Certificate shall have been combined, subject to the elimination of fractional share interests as described above.

The Reverse Stock Split will be effected simultaneously for all outstanding shares of Cara common stock. The Reverse Stock Split will affect all of Cara’s stockholders uniformly and will not affect any stockholder’s percentage ownership interest in Cara, except to the extent that the Reverse Stock Split results in any of Cara’s stockholders owning a fractional share. Shares of Cara common stock issued pursuant to the Reverse Stock Split will remain fully paid and nonassessable. The Reverse Stock Split does not affect the total proportionate ownership of Cara following the Merger. The Reverse Stock Split will not affect Cara continuing to be subject to the periodic reporting requirements of the Exchange Act.

<div align='center'>234</div>

TABLE OF CONTENTS

As an example, the following table illustrates the effects of a 1-for-2 to 1-for-4 reverse stock split (without giving effect to the treatment of fractional shares):

| ​                                                               | ​ | ​ | Prior to ReverseStock Split |   |           |   | ​ | ​ | After 1-for-2Reverse StockSplit |   |           |   | ​ | ​ | After 1-for-4Reverse StockSplit |   |           |   | ​ |
| Common stock outstanding                                        | ​ | ​ | ​                           | ​ | 4,571,229 | ​ | ​ | ​ | ​                               | ​ | 2,285,614 | ​ | ​ | ​ | ​                               | ​ | 1,142,807 | ​ | ​ |
| Common stock issuable pursuant to outstanding equity awards﻿(1) | ​ | ​ | ​                           | ​ |   519