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Financing delays put Lisata Therapeutics (LSTA) tender offer by Kuva Labs in doubt

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Lisata Therapeutics, Inc. reports that Kuva Labs Inc. has not yet commenced the planned tender offer to acquire all outstanding Lisata common shares under their March 6, 2026 Merger Agreement. The deadline for Kuva’s acquisition subsidiary to begin the offer was previously extended to April 13, 2026.

Lisata states that Kuva is seeking alternative, more favorable financing to fund the tender offer and intends to launch the offer once that financing is finalized. Lisata and Kuva are in discussions about the financing and timing, but there is no assurance the tender offer will commence or the transaction will close.

Positive

  • None.

Negative

  • Heightened deal uncertainty: Kuva Labs has not commenced the tender offer, is still arranging financing, and Lisata explicitly warns there is no assurance the offer will begin or the merger close, increasing risk around the previously announced acquisition.

Insights

Acquisition timing becomes uncertain as buyer seeks new financing.

Lisata Therapeutics highlights that Kuva Labs has missed the original target to commence its tender offer and is now pursuing alternative financing on better terms. The offer start date had already been extended to April 13, 2026, yet the offer has still not launched.

This introduces deal risk. The disclosure notes the tender offer may be delayed or may never commence, and references possible termination of the Merger Agreement and related termination fees. It also flags uncertainties around shareholder participation, competing offers, legal proceedings, and business or employee impacts during the transaction’s pendency.

Overall, the update moves the proposed acquisition from a more procedural phase into a clearly uncertain one, with multiple explicit risk factors tied to financing, timing, and the satisfaction of closing conditions.

Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Merger Agreement date March 6, 2026 Date of Agreement and Plan of Merger between Lisata and Kuva entities
Original tender offer commence deadline extension April 13, 2026 Extended date by which Kuva’s subsidiary was obligated to commence the offer
Prior commence deadline April 3, 2026 Initial date to commence tender offer before extension
Company phone number (908) 842-0100 Lisata principal office telephone contact
tender offer financial
"Purchaser is obligated to commence the tender offer for all of the outstanding shares"
A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.
Merger Agreement financial
"pursuant to the previously announced Agreement and Plan of Merger, dated as of March 6, 2026"
A merger agreement is a binding contract that lays out the exact terms for two companies to combine, including the price, what each side will deliver, and the conditions that must be met before the deal is completed. Investors care because it sets the timetable, payouts and risks — like a blueprint or prenup that shows whether the deal is likely to close, how ownership will change, and what could cancel or alter the payout they expect.
Schedule TO regulatory
"Parent and Purchaser will cause to be filed a tender offer statement on Schedule TO with the SEC"
A phrase indicating that a company plans or intends to hold an event, publish information, or take an action at a specified future time, but that the timing is not guaranteed and may change. For investors it signals an expected milestone—like an earnings call, product launch, or filing—so think of it as a calendar note rather than a firm promise; timing shifts can affect trading, expectations, and planning.
Schedule 14D-9 regulatory
"Lisata will file a solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer"
Schedule 14D-9 is a filing with the U.S. Securities and Exchange Commission in which a company publicly states its response and recommendation to an outside bid to buy its shares (a tender offer). Think of it as the company’s advisory note to shareholders explaining whether to sell, keep, or seek alternatives, and why, with facts and reasoning. Investors rely on it to gauge management’s view of the offer’s fairness and the likely impact on value and strategy.
forward-looking statements regulatory
"This document includes forward-looking statements that are subject to risks, uncertainties, and other factors"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Understanding 8-K Material Events →

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

April 15, 2026
Date of Report (date of earliest event reported)

LISATA THERAPEUTICS, INC.
(Exact name of registrant as specified in its charter)

Delaware
001-33650
22-2343568
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)

110 Allen Road, Second Floor, Basking Ridge, NJ 07920

(Address of Principal Executive Offices)(ZipCode)

(908) 842-0100
Registrant's telephone number, including area code

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


 ☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.001 per share
LSTA
The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐   If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Item 8.01
Other Events

As previously disclosed, on April 2, 2026, Lisata Therapeutics, Inc. (the “Company” or “Lisata”) and Kuva Labs Inc., a Delaware corporation (“Parent”), together with Kuva Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Parent (“Purchaser”), agreed to extend the date by which Purchaser is obligated to commence the tender offer for all of the outstanding shares of common stock of the Company pursuant to the previously announced Agreement and Plan of Merger, dated as of March 6, 2026, by and among Parent, Purchaser and the Company (the “Merger Agreement”), from April 3, 2026, to April 13, 2026, or such other date as may be agreed to between the Company and Parent. Purchaser has not yet commenced the tender offer. The Company has been informed by Parent that Parent is currently seeking alternative sources of financing on terms more favorable to Parent to fund the tender offer, and intends to launch the tender offer when its financing is finalized. The Company is in discussions with Parent regarding the financing and timing of the commencement of the tender offer. There can be no assurance as to when the tender offer will commence, if at all.

Additional Information and Where to Find It

The tender offer referred to in this document has not yet commenced. This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares, nor is it a substitute for the tender offer materials that Parent and Purchaser will file with the SEC upon commencement of the tender offer, if commenced at all. At the time the tender offer is commenced, if commenced at all, Parent and Purchaser will cause to be filed a tender offer statement on Schedule TO with the SEC, and Lisata will file a solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer.

THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION AND THE PARTIES THERETO IF AND WHEN SUCH TENDER OFFER MATERIALS AND SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 ARE FILED WITH THE SEC. INVESTORS AND STOCKHOLDERS OF LISATA ARE URGED TO READ THESE DOCUMENTS CAREFULLY IF AND WHEN THEY BECOME AVAILABLE (AND EACH AS IT MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR COMMON SHARES IN THE TENDER OFFER IF COMMENCED.

Both the tender offer statement and the solicitation/recommendation statement will be sent free of charge to all of Lisata’s stockholders if the tender offer is commenced. A free copy of the tender offer statement and the solicitation/recommendation statement will also be made available to all stockholders of Lisata, if the tender offer is commenced, by accessing https://ir.lisata.com or by contacting Investor Relations at (908) 842-0084. In addition, if the tender offer is commenced, the tender offer statement and the solicitation/recommendation statement (and all other documents filed with the SEC) will be available at no charge on the SEC’s website: www.sec.gov, upon filing with the SEC.

LISATA’S STOCKHOLDERS ARE ADVISED TO READ THE SCHEDULE TO AND THE SCHEDULE 14D-9, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BEFORE THEY MAKE ANY DECISION WITH RESPECT TO THE TENDER OFFER, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES THERETO.
 
Cautionary Note Regarding Forward-Looking Statements

This document includes forward-looking statements that are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, statements regarding the proposed acquisition of Lisata by Parent, the expected timetable for commencing or completing the transaction, if at all, and Lisata’s future financial or operating performance. These forward-looking statements typically can be identified by words such as “believe,” “expect,” “estimate,” “predict,” “target,” “potential,” “likely,” “continue,” “will,” “ongoing,” “could,” “should,” “intend,” “may,” “might,” “plan,” “seek,” “anticipate,” “project” and similar expressions, as well as variations or negatives of these words. Forward-looking statements include, without limitation, statements regarding the proposed acquisition of Lisata by Parent, similar transactions, prospective performance, future plans, events, expectations, objectives, opportunities, and the outlook for Lisata; the expected timing of the commencement or completion of the transaction, if at all; the ability to complete the transaction considering the various closing conditions; and the accuracy of any assumptions underlying any of the foregoing. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties; accordingly, investors are cautioned not to place undue reliance on forward-looking statements. Actual results may differ materially due to several factors. Factors that could cause future results to differ materially include: risks associated with the timing of the commencement of the tender, including the risk that Parent may not commence the tender offer promptly or at all; risks associated with the timing of the closing of the proposed transaction, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of the proposed transaction will not occur; uncertainties as to how many of Lisata’s stockholders will tender their shares in the offer; the possibility that competing offers will be made; Parent’s failure to commence the tender offer by April 13, 2026, and the occurrence of any other event, change, or other circumstance that could give rise to the termination of the Merger Agreement, including circumstances requiring the Parent or the Company to pay a termination fee pursuant to the Merger Agreement and circumstances affecting the ability of such party to make such payment; the outcome of any legal proceedings that may be instituted by or against the parties and others related to the Merger Agreement; unanticipated difficulties or expenditures relating to the proposed transaction; the response of business partners to the announcement of the proposed transaction, and/or potential difficulties in employee retention as a result of the announcement and pendency of the proposed transaction; the possibility that the milestone payment related to the CVR will never be achieved and that no milestone payment may be made; the risk that any stockholder litigation in connection with the proposed transactions may result in significant costs of defense, indemnification and liability; Lisata’s ability to successfully demonstrate the efficacy and safety of its product candidates, and the preclinical or clinical results for its product candidates, which may not support further development of such product candidates; comments, feedback and actions of regulatory agencies; Lisata’s dependence on the successful clinical development, regulatory approval and commercialization of its product candidates; the inherent uncertainties associated with developing new products or technologies and operating as clinical stage company; the Company’s cash sufficiency and runway; and other risks identified in Lisata’s SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent filings with the SEC. Lisata cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The forward-looking statements in this document speak only as of the date of this document. Lisata undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by applicable law.
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
LISATA THERAPEUTICS, INC.
  
       
 
By:
/s/ David J. Mazzo
  
 
Name: 
David J. Mazzo, PhD
  
 
Title:
President and Chief Executive Officer
  

Dated: April 15, 2026


Source: View Original Filing on SEC EDGAR

FAQ

What did Lisata Therapeutics (LSTA) announce about the Kuva Labs tender offer?

Lisata disclosed that Kuva Labs’ acquisition subsidiary has not yet started the tender offer for Lisata shares. Kuva is seeking alternative financing on more favorable terms and intends to launch the offer once financing is finalized, but there is no assurance it will commence.

Why has the Lisata–Kuva Labs tender offer been delayed?

Lisata reports that Kuva Labs is currently seeking alternative sources of financing on terms more favorable to Kuva to fund the tender offer. The parties are discussing financing and timing, and the offer is expected to launch only after that financing is finalized, if at all.

Is the acquisition of Lisata Therapeutics by Kuva Labs guaranteed to close?

No, Lisata explicitly states there can be no assurance the tender offer will commence or that the proposed transaction will close. The filing lists risks including financing difficulties, failure to satisfy closing conditions, potential termination of the Merger Agreement, and related termination fee obligations.

What was the extended deadline to commence the Lisata tender offer?

Lisata explains that the date by which Kuva’s acquisition subsidiary was obligated to commence the tender offer was extended from April 3, 2026 to April 13, 2026. Despite this extension, Kuva has not yet commenced the offer while it seeks alternative financing arrangements.

What documents should Lisata (LSTA) stockholders review regarding the tender offer?

If the tender offer is commenced, Kuva will file a Schedule TO and Lisata will file a Schedule 14D-9 with the SEC. These documents will include the offer to purchase, letter of transmittal, and recommendation statement, and will be available free on Lisata’s website and the SEC site.

What key risks does Lisata highlight about the proposed Kuva Labs transaction?

Lisata cites risks around timing and potential failure to commence or close the transaction, shareholder tender levels, possible competing offers, legal proceedings, termination of the Merger Agreement and termination fees, business partner reactions, employee retention, and broader uncertainties typical for a clinical-stage company.

Filing Exhibits & Attachments

3 documents

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