Company: TVRD
Filing Date: 2025-02-14
Form Type: S-4/A
Source: 0001104659-25-013053
Chunk: 727

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-02-14
Form: S-4/A
Chunk 727
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 purchase price consideration reflected in the unaudited pro forma condensed combined financial information does not purport to represent what the actual purchase price consideration will be when the Merger is completed. The actual purchase price will fluctuate until the Effective Time, and the final valuation of the purchase price consideration could differ significantly from the current estimate. 5. Shares of Cara Common Stock Issued to Tvardi Stockholders upon the Closing of the Merger At the Closing, (i) all outstanding shares of Tvardi common stock (including shares of Tvardi common stock issued upon conversion of Tvardi convertible preferred stock) will be exchanged for shares of Cara common stock based on the preliminary estimated Exchange Ratio of 0.2042 and (ii) all outstanding Tvardi Convertible Notes, including interest accrued through the anticipated Closing, will be converted into 1,921,436 shares of Cara common stock. Both the preliminary estimated Exchange Ratio and the conversion of Tvardi Convertible Notes into shares of Cara common stock will be determined in accordance with the terms of the Merger Agreement and after giving effect to the proposed Reverse Stock Split at an assumed ratio of 1-for-2. The estimated number of shares of Cara common stock that Cara expects to issue to Tvardi’s stockholders assumes Cara Net Cash at the Closing is $23.0 million and is determined as follows:

| ​ | Shares of Tvardi common stock outstanding as of September 30, 2024                                        | ​ | ​ | ​ | ​ | 19,197,914 | ​ | ​ |
| ​ | Tvardi stock option exercises subsequent to September 30, 2024                                            | ​ | ​ | ​ | ​ |      5,416 | ​ | ​ |
| ​ | Shares of Tvardi common stock issued upon conversion of Tvardi convertible preferred stock, see Note 6(k) | ​ | ​ | ​ | ​ | 29,555,538 | ​ | ​ |
| ​ | Total Tvardi common stock outstanding prior to the closing of the Merger                                  | ​ | ​ | ​ | ​ | 48,758,868 | ​ | ​ |
| ​ | Exchange Ratio                                                                                            | ​ | ​ | ​ | ​ |     0.2042 | ​ | ​ |
| ​ | Shares of Tvardi common stock outstanding before the conversion of Tvardi’s Convertible Notes             | ​ | ​ | ​ | ​ |  9,957,011 | ​ |