Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 284

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 284
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 Tvardi stockholders, after reviewing the various financing and other strategic options to enhance stockholder value that were considered by the Tvardi Board;

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the cash resources of the combined company expected to be available at the Closing and the anticipated burn rate of the combined organization;

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the broader range of investors to support the development of Tvardi’s product candidates than it could otherwise obtain if it continued to operate as a privately held company;

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the potential to provide its current stockholders with greater liquidity by owning stock in a public company;

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the expectation that the Merger with Cara would be a more time- and cost-effective means to access capital than other options considered;

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the expectation that substantially all of Tvardi’s employees, particularly its management, will serve in similar roles at the combined organization;

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the fact that shares of Cara common stock issued to Tvardi stockholders will be registered on a Form S-4 registration statement and will become freely tradable for Tvardi stockholders who are not affiliates of Tvardi and who are not parties to the Lock-Up Agreements;

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the Support Agreements, pursuant to which certain directors, officers and stockholders of Cara and Tvardi, respectively, have agreed, solely in their capacity as stockholders of Cara and Tvardi, respectively, to vote all of their shares of Cara common stock or Tvardi capital stock, respectively, in favor of the adoption and approval, of the Merger Agreement and the Contemplated Transactions;

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the ability to obtain a Nasdaq listing and comply with Nasdaq listing requirements;

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the terms and conditions of the Merger Agreement, including, without limitation, the following:

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the expected relative percentage ownership of Cara equityholders and Tvardi equityholders in the combined company initially at the Closing and the implied valuation of Tvardi based on Cara’s cash contribution to the combined company;

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the parties’ representations, warranties and covenants and the conditions to their respective obligations;

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the limited number and nature of the conditions of the obligation of Cara to consummate the Merger; and

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the likelihood that the Merger will be consummated on a timely basis.

Tvardi’s Board also considered a number of uncertainties and risks in its deliberations concerning the Merger and the other transactions contemplated by the Merger Agreement, including the following:

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the risk that the potential benefits of the Merger Agreement may not be realized;

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the risk that future sales of common stock by existing Cara stockholders may cause the