Company: TVRD
Filing Date: 2025-04-15
Form Type: 8-K
Source: 0001104659-25-035121
Chunk: 3

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-04-15
Form: 8-K
Item: Item 3.03
Chunk 3
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Item 3.03. Material Modification to Rights of Security Holders.

To the extent required by Item 3.03 of Form 8-K, the information
contained in Item 2.01 of this Current Report on Form 8-K is incorporated by reference herein.

As previously disclosed, at a special meeting of Cara’s stockholders
held on April 1, 2025 (the “ Special Meeting”), Cara’s stockholders approved (i) an amendment to Cara’s
amended and restated certificate of incorporation to effect the Reverse Stock Split and (ii) an amendment to Cara’s amended
and restated certificate to increase the authorized number of shares of Cara common stock from 16,666,667 shares to 150,000,000 shares.
On April 15, 2025, Cara amended its amended and restated certificate of incorporation to (i) effect the Reverse Stock Split,
effective as of 4:01 p. m. eastern time on April 15, 2025 and (ii) to increase the authorized number of shares of Cara common
stock from 16,666,667 shares to 150,000,000 shares, effective as of 4:02 p. m. eastern time on April 15, 2025.

As a result of the Reverse Stock Split, every three shares of Cara’s
common stock held by a stockholder immediately prior to the Reverse Stock Split were combined and reclassified into one share of Cara’s
common stock. As such, immediately following the Reverse Stock Split, there were approximately 1.5 million shares of Cara’s
common stock outstanding.

No fractional shares were issued in connection with the Reverse Stock
Split. Any fractional shares resulting from the Reverse Stock Split were rounded down to the nearest whole number, and each Cara stockholder
who would otherwise be entitled to a fraction of a share of common stock upon the Reverse Stock Split is entitled to receive a cash payment
in lieu thereof at a price equal to the fraction to which the stockholder would otherwise be entitled multiplied by the closing price
of the Company’s common stock on April 14, 2025.

On April 15, 2025, the Company also amended its amended and restated
certificate of incorporation to effect the Name Change, effective as of 4:04 p. m. eastern time on April 15, 2025.

The
foregoing descriptions of the certificates of amendment to the amended and restated certificate of incorporation of the Company are not