TRACON Pharmaceuticals Announces it Will Wind Down Operations

Rhea-AI Summary

TRACON Pharmaceuticals (OTCQB: TCON) has announced a significant operational change. The company has decided to wind down its operations, terminating all employees. This decision was made during a special board meeting. As part of this process, Craig R. Jalbert has been appointed as the company's new CEO, President, Treasurer, Secretary, and sole board member. Jalbert, 62, brings extensive experience in managing distressed businesses, having served as a principal at Verdolino & Lowey, P.C. since 1987. His expertise in handling companies during wind-down phases is expected to guide TRACON through this critical transition.

Positive

• None.

Negative

• Company is winding down operations
• All employees have been terminated
• Significant change in leadership structure
• Potential loss of shareholder value

SAN DIEGO, July 30, 2024 (GLOBE NEWSWIRE) -- TRACON Pharmaceuticals (OTCQB: TCON) today announced that the Company has terminated its employees and will wind down its operations. This decision was made at a special meeting of the board of directors. 

The board of directors appointed Craig R. Jalbert, age 62, as the Company’s CEO, President, Treasurer and Secretary, and sole member of the board. Mr. Jalbert has served as a principal of the Foxborough, Massachusetts accounting firm of Verdolino & Lowey, P.C. since 1987. For over 30 years he has focused his practice in distressed businesses and has served, and continues to serve, in the capacities of officer and director for numerous firms in their wind-down phases.

Forward-Looking Statements

Statements made in this press release regarding matters that are not historical facts are “forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward‐looking statements. Such statements include, but are not limited to, statements regarding our plans to wind down our operations or other statements not of historical fact. Risks that could cause actual results to differ from those expressed in these forward‐looking statements include: the timing, progress and results of our planned wind down; general market conditions; and other risks described in TRACON’s filings with the Securities and Exchange Commission under the heading “Risk Factors”. All forward‐looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. TRACON undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made except as required by law.

Company Contact:
Verdolino & Lowey, P.C.
124 Washington Street, Suite 101
Foxboro, MA. 02035
Phone - 508-543-1720
Tracon@VLPC.com 

FAQ

Why is TRACON Pharmaceuticals (TCON) winding down its operations?

TRACON Pharmaceuticals has not provided specific reasons for winding down operations in the press release. The decision was made at a special meeting of the board of directors, but details on the factors leading to this decision were not disclosed.

Who is the new CEO of TRACON Pharmaceuticals (TCON) during the wind-down process?

Craig R. Jalbert, age 62, has been appointed as TRACON Pharmaceuticals' new CEO, President, Treasurer, Secretary, and sole member of the board of directors to oversee the wind-down process.

What experience does Craig R. Jalbert bring to TRACON Pharmaceuticals (TCON)?

Craig R. Jalbert has over 30 years of experience focusing on distressed businesses. He has served as a principal at Verdolino & Lowey, P.C. since 1987 and has acted as an officer and director for numerous firms in their wind-down phases.

What will happen to TRACON Pharmaceuticals (TCON) employees?

According to the announcement, TRACON Pharmaceuticals has terminated all of its employees as part of the decision to wind down operations.