Company: TVRD
Filing Date: 2025-03-24
Form Type: 425
Source: 0001104659-25-027234
Chunk: 6

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-03-24
Form: 425
Chunk 6
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5 by two purported stockholders of Cara in connection with the Merger. Each Complaint named as defendants Cara and the members of the Cara board of directors. The plaintiffs contended that the Form 424 prospectus filed on February 14, 2025, or the Form 424 Prospectus, omitted or misrepresented material information regarding the Merger, rendering the Form 424 Prospectus false and misleading. In addition, as of March 24, 2025, Cara has received thirteen demand letters and three draft complaints from purported stockholders
relating to the proposed Merger, the Contemplated Transactions and the disclosures contained in this proxy statement/prospectus. The outcome
of litigation is uncertain, and Cara may not be successful in defending against any current or future claims. Lawsuits that may
be filed against Cara, the Cara Board, Tvardi or the Tvardi Board could delay or prevent the merger, divert the attention of Cara’s
management and employees from Cara’s day-to-day business and otherwise adversely affect Cara’s financial condition. Litigation
may also impact Cara’s ability to consummate a potential strategic transaction or the ultimate value its stockholders receive in
any such transaction.

| 7. | The following disclosure replaces under the subsection titled “Background              
 of the Merger” the first full paragraph on page 152 of the proxy statement/prospectus: |

At this same meeting, the Cara Board
established a committee of the Cara Board comprised solely of independent directors for the purposes of reviewing and evaluating possible
strategic transactions and alternatives that may be available to Cara (Transaction Committee). The Transaction Committee was empowered to review and evaluate possible strategic transactions and alternatives that may be available to Cara. In addition, the Transaction Committee was authorized and empowered to select and retain, in the Transaction Committee’s sole discretion and at Cara’s expense, consultants or advisors, including legal and financial advisors, to advise it with respect to any potential strategic transaction, including but not limited to Piper Sandler. The Transaction Committee was not formed to address any actual or perceived conflict of interest of any director or officer of Cara. Martin Vogelbaum and Jeffrey Ives, each of whom the Cara Board determined is an independent director, were designated
as members of the Transaction Committee. The members of the Transaction Committee were not paid additional compensation in connection with their service on the Transaction Committee. The Cara Board did not condition the execution by Cara of a transaction on the affirmative recommendation of the Transaction Committee.Following this meeting of the Cara Board,