Company: TVRD
Filing Date: 2025-02-14
Form Type: 424B3
Source: 0001104659-25-014310
Chunk: 404

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: 424B3
Chunk 404
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, resulting in the impaired liquidity of Cara common stock and making it difficult to raise additional capital if needed.

As previously disclosed, on February 1, 2024, Cara received a notification letter from the Listing Qualifications Department (Staff) of Nasdaq with respect to Cara’s failure to maintain a minimum closing bid price of $1.00 per share on any business day over a thirty consecutive business day period, as required for continued listing on the Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(a)(1) (Rule 5450(a)(1)). As previously disclosed, Cara had been provided an initial period of 180 calendar days, or until July 30, 2024, to regain compliance with Rule 5450(a)(1), which period was extended by Nasdaq by notification received on July 31, 2024 for an additional 180 calendar day period ending January 27, 2025 to regain compliance with the same minimum closing bid price requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (together with Rule 5450(a)(1), the Minimum Bid Price Requirement). Effective as of August 1, 2024, the listing of the Cara’s common stock was transferred from the Nasdaq Global Market to The Nasdaq Capital Market.

As part of Cara’s plans to regain compliance with the Minimum Bid Price Requirement following the initial notification letter, a series of alternate amendments to effect (i) a reverse stock split and (ii) a reduction in the total number of authorized shares of Cara’s common stock was approved by Cara’s stockholders at Cara’s 2024 Annual Meeting of Stockholders held on June 4, 2024.

On December 19, 2024, Cara’s Board approved a one-for-twelve (12) December Reverse Stock Split and corresponding reduction in the total number of authorized shares. On December 30, 2024, Cara filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the December Reverse Stock Split, and Cara’s common stock began trading on The Nasdaq Capital Market on a post-split basis as of December 31, 2024.

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