Company: TVRD
Filing Date: 2025-01-27
Form Type: S-4/A
Source: 0001104659-25-006050
Chunk: 279

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-01-27
Form: S-4/A
Chunk 279
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 Merger; |

| ● | the risk that the Merger might not be consummated in a timely manner or at all and the potential adverse effect of the public announcement of the Merger or delay or failure to complete the Merger on the reputation of Cara; |

| ● | the likely detrimental effect on Cara’s cash position, stock price and ability to initiate another process and to successfully complete an alternative transaction should the Merger not be completed; |

| ● | the risk to Cara’s business, operations and financial results in the event that the Merger is not consummated, including the diminution of Cara’s cash and the significant challenges associated with the need to raise additional capital through the public or private sale of equity securities; |

| ● | the early stage of development of Tvardi’s product candidates, which, in the future, may not generate acceptable clinical data or be successfully developed into products that are marketed and sold; |

| ● | the strategic direction of the combined company following the completion of the Merger, which will be determined by a board of directors initially comprised of six directors designated by Tvardi and one director designated by Cara; |

| ● | the restrictions in the Merger Agreement on the conduct of Cara’s business prior to the consummation of the Merger, which may delay or prevent Cara from undertaking business opportunities that may arise prior to the consummation of the Merger; and |

| ● | various other risks associated with the combined company and the Merger, including those described in the section titled “Risk Factors” beginning on page 25 of this proxy statement/prospectus. |

The foregoing information and reasons considered by the Cara Board are the material factors considered by the Cara Board. In view of the wide variety of reasons considered in connection with its evaluation of the Merger and the complexity of these matters, the Cara Board did not find it useful to attempt, and did not attempt, to quantify, rank or otherwise assign relative weights to these reasons. In considering the reasons described above, individual members of the Cara Board may have given different weight to different reasons. The Cara Board conducted an overall analysis of the factors described above, including thorough discussions with, and questioning of, Cara’s management team and the legal and financial advisors of Cara, and considered the reasons overall to be favorable to, and to support, its determination. In arriving at their respective recommendations, the members of the Cara Board considered the interests of Cara’s executive officers and directors as described under the caption “ The Merger —