---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-225486"
form_type: "8-K"
ticker: "ZVRA"
cik: "0001434647"
company_name: "ZEVRA THERAPEUTICS, INC."
filed_at: "2023-08-31T23:59:59+00:00"
generated_at: "2026-06-11T01:07:02.520248+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Zevra Therapeutics to acquire Acer Therapeutics in stock-and-CVR merger

## Summary
- Acer stockholders receive 0.120 Zevra shares per share plus one CVR; Zevra to issue ~2.96M shares.
- CVR milestones include up to $34M tied to OLPRUVA net sales, plus payments for FDA approvals of OLPRUVA and EDSIVO.
- Zevra provides $10M initial bridge loan at 12% to Acer; total facility up to $16.5M.
- Zevra purchases Acer debt from Nantahala: ~$20.2M SWK loans and ~$15.1M Marathon convertible notes.
- Acer pays $3M termination fee if it accepts superior proposal or breaches non-solicitation.

## SEC filing metadata
- accession: 0001193125-23-225486
- form_type: 8-K
- ticker: ZVRA
- cik: 0001434647
- company_name: ZEVRA THERAPEUTICS, INC.
- filed_at: 2023-08-31T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1434647/000119312523225486/0001193125-23-225486-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1434647/000119312523225486/d547103d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-225486
- JSON: https://secwatch.observer/filing/0001193125-23-225486.json
- Plain text: https://secwatch.observer/filing/0001193125-23-225486.txt

## Key facts
- Material Agreements
  ZEVRA THERAPEUTICS, INC. entered into Agreement and Plan of Merger with Acer Therapeutics Inc. (effective 2023-08-30).
  - Action: entry
  - Agreement: merger
  - Counterparty: Acer Therapeutics Inc.
  - Effective: 2023-08-30
  source text: On August 30, 2023, Zevra Therapeutics, Inc., a Delaware corporation (“ Zevra ”), entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) by and among Zevra, Aspen Z Merger Sub, Inc., a Delaware corporation and an indirect wholly-owned subsidiary of Zevra (“ Merger Sub ”), and Acer Therapeutics Inc., a Delaware corporation (“ Acer ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1434647/000119312523225486/0001193125-23-225486-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.