Company: TVRD
Filing Date: 2025-01-17
Form Type: 425
Source: 0001104659-25-004519
Chunk: 2

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-17
Form: 425
Chunk 2
---
 shares. On December 30, 2024, the Company filed a Certificate of Amendment to its Certificate of Incorporation with
the Secretary of State of the State of Delaware to effect the Reverse Stock Split, and the Company’s common stock began trading
on the Nasdaq Capital Market on a post-split basis as of December 31, 2024.

On January 16, 2025, the Company received a letter from the Staff notifying
the Company that it has regained compliance with the Minimum Bid Price Requirement. The closing bid price of the Company’s common
stock was at or above $1.00 per share for ten consecutive business days, and Nasdaq considers the matter closed.

Remaining Open Nasdaq Matter – Compliance Period Extension Granted for Stockholders’ Equity Requirement

In addition to its previous noncompliance with the Minimum Bid Price
Requirement, and as previously disclosed, on November 19, 2024, the Company received a letter (the “Stockholders’ Equity Notice”) from the Staff notifying the Company that it was not in compliance with the minimum stockholders’ equity
requirement for continued listing on the Nasdaq Capital Market as set forth in Nasdaq Listing Rule 5550(b)(1) (the “Stockholders’ Equity Requirement”), because the Company’s stockholders’ equity of $707,000, as reported in the Company’s
Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, was below the required minimum of $2.5 million and the
Company did not meet either of the alternative compliance standards.

As requested by the Staff, the Company subsequently
submitted a plan to regain compliance to Nasdaq (the “Compliance Plan”). Based on the Compliance Plan, which
contemplates the closing of the proposed merger (the “ Merger”) between the Company and Tvardi Therapeutics,
Inc. (“ Tvardi”), on January 14, 2025, Nasdaq granted the Company an extension until May 19, 2025 to regain
compliance with the Stockholders’ Equity Requirement.

The Merger will constitute a “change of control” for purposes
of Nasdaq’s listing rules and will require that the combined company comply with all applicable criteria for initial listing on
the Nasdaq Capital Market, including a higher minimum bid price requirement and higher minimum stockholders’ equity requirement.
The parties intend to satisfy each of the applicable listing criteria upon completion of the proposed Merger such that the combined company
will remain listed on