Company: SWKH
Filing Date: 2025-10-10
Form Type: 425
Source: 0001552781-25-000322
Chunk: 1

Company: SWK Holdings Corp
Filing Date: 2025-10-10
Form: 425
Chunk 1
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240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

| Item 1.01 | Entry                                 
 Into a Material Definitive Agreement. |

Agreement and Plan of Merger

On October 9, 2025, SWK Holdings Corporation, a Delaware
corporation (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Runway
Growth Finance Corp., a Maryland corporation (“Parent”), RWAY Portfolio Holding Corp., a Delaware corporation and a direct
wholly owned subsidiary of Parent (“Intermediary Sub”), RWAY Portfolio Corp., a Delaware corporation and a direct wholly owned
subsidiary of Intermediary Sub (“Acquisition Sub”), and Runway Growth Capital LLC, a Delaware limited liability company (“Parent
External Adviser”).

The Merger Agreement provides that, among other things
and on the terms and subject to the conditions of the Merger Agreement, (i) Acquisition Sub will merge with and into the Company, with
the Company continuing as the surviving corporation and as a wholly owned subsidiary of Intermediary Sub (the “Surviving Corporation”),
or, in the alternative, the Company will merge with and into Acquisition Sub, with Acquisition Sub continuing as the surviving corporation
and as a wholly owned subsidiary of Intermediary Sub (in either case, the “First Merger”), (ii) immediately after the First
Merger, the Surviving Corporation will merge with and into Intermediary Sub (the “Second Merger”), with Intermediary Sub surviving
the Second Merger as a wholly owned subsidiary of Parent, and (iii) immediately after the Second Merger, Intermediary Sub will merge with
and into Parent (the “Third Merger” and, together with the Second Merger and the First Merger, the “Mergers”),
with Parent continuing as the surviving corporation in the Third Merger.

Merger Consideration

At the closing of the First Merger (the “Closing”),
Parent shall issue, in respect of all of the issued and outstanding shares of common stock, par value $0.001 per share, of the Company
(“Company Common Stock”) (excluding shares held by subsidiaries