Company: TVRD
Filing Date: 2025-11-13
Form Type: 424B3
Source: 0001104659-25-111336
Chunk: 173

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 424B3
Chunk 173
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 a result, it may be more difficult for Tvardi to attract and retain qualified individuals to serve on the board of directors
or as

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executive officers of Tvardi, which may adversely affect investor confidence
in Tvardi and could cause Tvardi’s business or stock price to suffer.

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Anti-takeover provisions in Tvardi’s charter documents and under Delaware law could make an acquisition of Tvardi more difficult and may prevent attempts by Tvardi stockholders to replace or remove Tvardi management.

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Provisions in Tvardi’s certificate of incorporation
and bylaws may delay or prevent an acquisition or a change in management. In addition, because Tvardi is incorporated in Delaware, it
is governed by the provisions of Section 203 of the DGCL, which prohibits stockholders owning in excess of 15% of the outstanding Tvardi
voting stock from merging or combining with Tvardi. Although Tvardi believes these provisions collectively will provide for an opportunity
to receive higher bids by requiring potential acquirors to negotiate with Tvardi’s board of directors, they would apply even if
the offer may be considered beneficial by some stockholders. In addition, these provisions may frustrate or prevent any attempts by Tvardi’s
stockholders to replace or remove then current management by making it more difficult for stockholders to replace members of the board
of directors, which is responsible for appointing the members of management.

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The amended and restated certificate of incorporation of Tvardi provides that the Court of Chancery of the State of Delaware is the exclusive forum for substantially all disputes between Tvardi and its stockholders, which could limit its stockholders’ ability to obtain a favorable judicial forum for disputes with Tvardi or its directors, officers or other employees, and could make it more costly for stockholders to bring a claim against Tvardi.

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The amended and restated certificate of incorporation
and amended and restated bylaws of Tvardi provide, among other things, that that the Court of Chancery of the State of Delaware (or, in
the event that the Court of Chancery does not have jurisdiction, the federal district court for the District of Delaware or other state
courts of the State of Delaware) generally will be the exclusive forum for any derivative action or proceeding brought on Tvardi’s
behalf, any action asserting a claim of