/C O R R E C T I O N -- Fresh Tracks Therapeutics, Inc./

Rhea-AI Summary

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.

In the news release, Fresh Tracks Therapeutics Announces Appointment of Custodian and Planned Distribution, issued 27-Jan-2025 by Fresh Tracks Therapeutics, Inc. over PR Newswire, we are advised by the company that the reference to "...first quarter of 2024" at the end of the first paragraph was incorrectly stated and should read "...first quarter of 2025". The complete, corrected release follows:

Fresh Tracks Therapeutics Announces Appointment of Custodian and Planned Distribution

BOULDER, Colo., Jan. 27, 2025 /PRNewswire/ -- Fresh Tracks Therapeutics, Inc. (OTC Pink: FRTX) ("Fresh Tracks" or "the Company") announced today that the Court of Chancery of the State of Delaware ("the Court") has granted the consent judgment agreed to by the Company in the case of David R. McAvoy versus Fresh Tracks, as a result of which the Court has appointed Albert N. Marchio II, Chief Executive Officer and Chief Financial Officer of Fresh Tracks, as the custodian of Fresh Tracks pursuant to 8 Del. C. § 226 with a directive to dissolve the Company and wind up its affairs. Fresh Tracks currently anticipates it will complete the dissolution and make a distribution of between $0.95 and $0.98 per share to stockholders during the first quarter of 2025.

As previously disclosed, on May 20, 2024, Mr. McAvoy filed a petition in the Court asking the Court to appoint Mr. Marchio, then Fresh Tracks' sole director, as the custodian of Fresh Tracks, with the intent that, if so appointed, Mr. Marchio would dissolve Fresh Tracks and distribute a substantial portion of its assets to stockholders. Subsequent to that, Mr. McAvoy and the Company stipulated to a consent judgment whereby Mr. Marchio would be appointed custodian of Fresh Tracks. On December 6, 2024, the Company announced that the Court had set an objection deadline and hearing date of January 3, 2025, and January 17, 2025, respectively. No stockholders objected to the consent judgment on or after January 3, 2025, and on January 15, 2025, the Court granted the proposed consent judgment and appointed Mr. Marchio as the custodian of Fresh Tracks.

Cautionary Note Regarding Forward-Looking Statements

Any statements made in this press release relating to future financial, conditions, plans, prospects, impacts, shifts, trends, progress, or strategies and other such matters, including without limitation, the potential dissolution of Fresh Tracks and the timing and amount of any distribution to stockholders, and similar statements, are forward-looking statements. In addition, when or if used in this press release, the words "may," "could," "should," "might," "seek," "distribute," "dissolve," "announce," "anticipate," "believe," "estimate," "expect," "intend," "plan," "potential," and similar expressions and their variants, as they relate to Fresh Tracks, may identify forward-looking statements. Fresh Tracks cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time, often quickly, and in unanticipated ways. Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include the timing and amount of any distributions being different than expected; the amounts that will need to be set aside as reserves by Fresh Tracks being higher than anticipated; the possible inadequacy of such reserves to satisfy Fresh Tracks' obligations; potential unknown contingencies or liabilities, and Fresh Tracks' potential inability to favorably resolve them or at all; the amount of proceeds that might be realized from the sale or other disposition of any remaining Fresh Tracks assets; the application of, and any changes in, applicable tax and other laws, regulations, administrative practices, principles and interpretations; the incurrence by Fresh Tracks of expenses relating to its dissolution being different than estimated; the Company's ability to settle, make reasonable provision for or otherwise resolve its liabilities and obligations, including the establishment of an adequate contingency reserve; and the uncertain macroeconomic and political environment. The forward-looking statements represent the estimates of Fresh Tracks as of the date hereof only. Fresh Tracks specifically disclaims any duty or obligation to update forward-looking statements.

Fresh Tracks Therapeutics, Inc.
Investor Contact:
Albert N. Marchio II
Chief Executive Officer and Chief Financial Officer
amarchio@frtx.com

Media Contact:
Julie Fallon
Argot Partners
julie@argotpartners.com

View original content:https://www.prnewswire.com/news-releases/fresh-tracks-therapeutics-announces-appointment-of-custodian-and-planned-distribution-302361212.html

SOURCE Fresh Tracks Therapeutics, Inc.

FAQ

What is the expected distribution amount per share for FRTX stockholders?

Fresh Tracks Therapeutics (FRTX) anticipates making a distribution of between $0.95 and $0.98 per share to stockholders during the first quarter of 2025.

When will FRTX complete its dissolution process?

Fresh Tracks Therapeutics expects to complete its dissolution process during the first quarter of 2025.

Who was appointed as custodian of Fresh Tracks Therapeutics?

Albert N. Marchio II, the company's CEO and CFO, was appointed as custodian by the Delaware Court of Chancery on January 15, 2025.

What was the deadline for FRTX stockholders to object to the consent judgment?

The deadline for stockholders to object to the consent judgment was January 3, 2025, and no objections were received.

When was the petition for FRTX's dissolution filed?

David R. McAvoy filed the petition for Fresh Tracks' dissolution on May 20, 2024, in the Court of Chancery of the State of Delaware.