Welcome to our dedicated page for Fresh Tracks Therapeutics news (Ticker: FRTX), a resource for investors and traders seeking the latest updates and insights on Fresh Tracks Therapeutics stock.
Fresh Tracks Therapeutics, Inc. (FRTX) has undergone a significant transition from a clinical-stage pharmaceutical company focused on skin diseases to an entity in formal dissolution. The news flow around FRTX documents this shift in detail, from its delisting from The Nasdaq Capital Market to its move to the OTC Pink market and, ultimately, to the termination of trading in connection with its dissolution.
Earlier company descriptions characterized Fresh Tracks, previously referred to as Brickell Biotech, Inc., as a developer of innovative and differentiated therapeutics for dermatology indications. More recent press releases, however, center on corporate actions rather than drug development, including special meetings of stockholders to consider a plan of liquidation and dissolution, adjournments of those meetings, and the company’s intention to seek judicial dissolution if stockholder approval could not be obtained.
News items in 2024 and 2025 focus on legal and procedural milestones: a petition in the Delaware Court of Chancery seeking appointment of a custodian to dissolve the company and wind up its affairs; the court’s scheduling orders; and the eventual consent judgment appointing a custodian under Delaware law. Subsequent announcements describe the planned filing of a Certificate of Dissolution, the authorization of an initial cash distribution to stockholders and certain warrant holders, and the expected cessation of trading on the OTC Pink Market.
This FRTX news page serves as an archive of these developments, allowing investors and researchers to follow the sequence of events that led from Nasdaq suspension and OTC Pink quotation to formal dissolution, cash distributions, and the long-term wind-down process overseen by a court‑appointed custodian.
Fresh Tracks Therapeutics (OTC Pink: FRTX) has announced its planned dissolution, with the effective date set for February 28, 2025. The company will make an initial cash distribution of $0.96 per share to stockholders and eligible warrant holders as of February 28, 2025.
With approximately 6.0 million outstanding shares and 0.6 million eligible warrants, the total initial distribution is expected to be $6.3 million. The company's common stock will cease trading on the OTC Pink Market at the close of business on February 28, 2025.
The winding down process could take up to ten years, during which the company will maintain a reserve for known and unknown expenses. A second cash distribution may be made after settling final claims and expenses. Equiniti Trust Company has been appointed as the distribution agent to manage the process.
Fresh Tracks Therapeutics (FRTX) has announced that the Delaware Court of Chancery has appointed Albert N. Marchio II, the company's CEO and CFO, as custodian following a consent judgment in the case of David R. McAvoy versus Fresh Tracks. The appointment directs the dissolution of the company and the winding up of its affairs.
The company expects to complete the dissolution process and distribute between $0.95 and $0.98 per share to stockholders during the first quarter of 2024. This follows a petition filed by McAvoy on May 20, 2024, requesting Marchio's appointment as custodian. No stockholders objected to the consent judgment by the January 3, 2025 deadline, and the Court granted the appointment on January 15, 2025.
Fresh Tracks Therapeutics (OTC Pink: FRTX) has announced significant developments in its dissolution process. The Court of Chancery of Delaware has granted a consent judgment appointing Albert N. Marchio II, the company's CEO and CFO, as custodian with the directive to dissolve the company and wind up its affairs.
The appointment follows a petition filed by David R. McAvoy on May 20, 2024, requesting Mr. Marchio's appointment as custodian. The Court set deadlines for objections and hearings, with no stockholders objecting by the January 3, 2025 deadline. The Court granted the consent judgment on January 15, 2025.
Fresh Tracks anticipates completing the dissolution process and making a distribution of between $0.95 and $0.98 per share to stockholders during the first quarter of 2025.
Fresh Tracks Therapeutics (FRTX) announced that the Delaware Court of Chancery has scheduled a hearing for January 17, 2025, to consider a proposed Consent Judgment in the case of David R. McAvoy versus Fresh Tracks. If approved, a custodian will be appointed to dissolve the company and wind up its affairs under Delaware law.
The company has notified or will notify all stockholders of record as of November 20, 2024, about the Notice of Proposed Consent Judgment via email and/or first-class mail. Stockholders from the record date are invited to attend the hearing, with full details provided in the Notice.
Fresh Tracks Therapeutics (OTC: FRTX) has filed an answer to a petition requesting the appointment of a custodian, seeking the eventual dissolution of the company. The petition, initiated by stockholder and former company official David R. McAvoy, proposes appointing CEO Albert N. Marchio, II as custodian to oversee the dissolution process. The dissolution plan includes asset liquidation, liability payments, and pro-rata cash distributions to stockholders. The Delaware Chancery Court has yet to schedule a hearing date. Fresh Tracks will continue to update investors as the process progresses.
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