Fresh Tracks Therapeutics Announces Hearing Date and Notice of Proposed Consent Judgement Regarding Dissolution of Company

Rhea-AI Summary

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.

Positive

• None.

Negative

• Company faces potential dissolution pending court approval
• Shareholders face potential total loss of investment if dissolution is approved

BOULDER, Colo., Dec. 6, 2024 /PRNewswire/ -- Fresh Tracks Therapeutics, Inc. (OTC Pink: FRTX) ("Fresh Tracks" or "the Company") announced today that a Scheduling Order has been issued by the Court of Chancery of the State of Delaware ("the Court") setting a hearing date of January 17, 2025, for the Court to consider entry of a Consent Judgment agreed to by the Company in the case of David R. McAvoy versus Fresh Tracks. If the Consent Judgment is approved by the Court, a custodian will be appointed for Fresh Tracks pursuant to 8 Del. C. § 226 with a directive to dissolve the Company and windup its affairs.

In accordance with a Court-approved scheduling order, Fresh Tracks has sent or will send to each of its stockholders, as of the record date of November 20, 2024, by electronic mail and/or first class U.S. mail at their last-known addresses, full copies of the Notice of Proposed Consent Judgment ("the Notice"). Stockholders entitled to receive the Notice as of the record date are welcome to attend the Hearing, and full details are included within the Notice.

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

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SOURCE Fresh Tracks Therapeutics, Inc.

FAQ

When is Fresh Tracks Therapeutics (FRTX) dissolution hearing scheduled?

The dissolution hearing for Fresh Tracks Therapeutics is scheduled for January 17, 2025, at the Delaware Court of Chancery.

What is the record date for FRTX stockholders regarding the dissolution notice?

The record date for Fresh Tracks Therapeutics stockholders regarding the dissolution notice is November 20, 2024.

What will happen if the Consent Judgment for FRTX is approved?

If approved, a custodian will be appointed to dissolve Fresh Tracks Therapeutics and wind up its affairs under Delaware law (8 Del. C. § 226).