Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 283

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 283
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 of reasons considered in connection with its evaluation of the Merger and the complexity of these matters, the Cara Board did not find it useful to attempt, and did not attempt, to quantify, rank or otherwise assign relative weights to these reasons. In considering the reasons described above, individual members of the Cara Board may have given different weight to different reasons. The Cara Board conducted an overall analysis of the factors described above, including thorough discussions with, and questioning of, Cara’s management team and the legal and financial advisors of Cara, and considered the reasons overall to be favorable to, and to support, its determination. In arriving at their respective recommendations, the members of the Cara Board considered the interests of Cara’s executive officers and directors as described under the caption “ The Merger — Interests of the Cara Directors and Executive Officers in the Merger ”.

#### Tvardi Reasons for the Merger
The following discussion sets forth material factors considered by the Tvardi Board in reaching its determination to approve the terms and authorize the execution of the Merger Agreement for the purpose of implementing the Merger; however, it may not include all of the factors considered by the Tvardi Board. In light of the number and wide variety of factors considered in connection with its evaluation of the Merger Agreement, the Tvardi Board did not consider it practicable to, and did not attempt to, quantify or otherwise assign relative weights to the specific factors it considered in reaching its determination. The Tvardi Board viewed its position and determinations as being based on all of the information available and the factors presented to and considered by it. In addition, individual directors may have given different weight to different factors.

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In the course of reaching its decision to approve the terms and authorize the execution of the Merger Agreement for the purpose of consummating the Merger, the Tvardi Board consulted with Tvardi’s senior management and legal counsel, reviewed a significant amount of information and considered a number of factors, including, among others:

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historical and current information concerning Tvardi’s business, including its financial performance and condition, operations, management and competitive position;

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Tvardi’s prospects if it were to remain an independent privately held company, including its need to obtain additional financing and the terms on which it would be able to obtain such financing, if at all;

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the Tvardi Board’s belief that no alternatives to the Merger were reasonably likely to create greater value for