Company: TVRD
Filing Date: 2025-04-15
Form Type: 8-K
Source: 0001104659-25-035121
Chunk: 1

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-04-15
Form: 8-K
Item: Item 2.01
Chunk 1
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 subsidiary of Cara or Tvardi or (c) as dissenting
shares of Tvardi’s common stock) and (ii) the automatic conversion of the Convertible Notes, with an aggregate principal amount
of approximately $28.3 million and approximately $0.8 million in accrued interest, into shares of the Company’s common stock pursuant
to the terms of the Convertible Notes, resulting in 9,355,542 shares of the Company’s common stock being issued and outstanding
immediately following the effective time of the Merger. Immediately following the Merger, pre-Merger Cara equityholders owned, in the aggregate, approximately
15.4% of the Company’s common stock, pre-Merger Tvardi equityholders owned, in the aggregate, approximately 72.0% of the Company’s common stock,
and former holders of Convertible Notes owned, in the aggregate, approximately 12.5% of the Company’s common stock, in each case, calculated on a fully
diluted basis.

The issuance of the shares of the Company’s common stock
to the former stockholders of Tvardi and the holders of the Convertible Notes was registered with the SEC on the Company’s Registration
Statement on Form S-4 (File No. 333-283900), as amended and declared effective
by the SEC on February 14, 2025 (the “ Registration Statement”).

The shares of the Company’s common stock, which traded on the Nasdaq Capital Market through the close of business on Tuesday, April 15, 2025 under the ticker symbol “ CARA,”
will commence trading on The Nasdaq Capital Market on a post-Reverse Stock Split adjusted basis under the ticker symbol “ TVRD”
on April 16, 2025. The Company’s common stock is represented by a new CUSIP number, 140755 307.

The foregoing description of the Merger and the Merger Agreement contained
herein does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, which was
filed as Exhibit 2.1 on the Current Report on Form 8-K filed by the Company on December 18, 2024.

As
previously disclosed, on December 17, 2024, Cara and its subsidiary Cara Royalty Sub, LLC (“ Royalty Sub” and together
with Cara, each, a “ Seller” and together, the “ Sellers”) entered