/C O R R E C T I O N -- Fresh Tracks Therapeutics, Inc./
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 (OTC Pink: FRTX) ha annunciato sviluppi significativi nel suo processo di dissoluzione. La Corte di Chancery del Delaware ha emesso un giudizio di consenso nominando Albert N. Marchio II, CEO e CFO dell'azienda, come custode con l'istruzione di dissolvere l'azienda e di chiudere i suoi affari.
La nomina segue una petizione presentata da David R. McAvoy il 20 maggio 2024, che richiedeva la nomina del signor Marchio come custode. La Corte ha stabilito scadenze per obiezioni e udienze, senza che alcun azionista si opponesse entro la scadenza del 3 gennaio 2025. La Corte ha concesso il giudizio di consenso il 15 gennaio 2025.
Fresh Tracks prevede di completare il processo di dissoluzione e di effettuare una distribuzione tra $0,95 e $0,98 per azione agli azionisti durante il primo trimestre del 2025.
Fresh Tracks Therapeutics (OTC Pink: FRTX) ha anunciado desarrollos significativos en su proceso de disolución. La Corte de Chancery de Delaware ha otorgado un fallo de consentimiento nombrando a Albert N. Marchio II, el CEO y CFO de la empresa, como custodio con la directiva de disolver la empresa y liquidar sus asuntos.
La nominación sigue a una petición presentada por David R. McAvoy el 20 de mayo de 2024, solicitando el nombramiento del Sr. Marchio como custodio. La Corte estableció plazos para objeciones y audiencias, sin que los accionistas presentaran objeciones antes de la fecha límite del 3 de enero de 2025. La Corte otorgó el fallo de consentimiento el 15 de enero de 2025.
Fresh Tracks anticipa completar el proceso de disolución y realizar una distribución de entre $0.95 y $0.98 por acción a los accionistas durante el primer trimestre de 2025.
Fresh Tracks Therapeutics (OTC Pink: FRTX)는 자신들의 해산 절차에서 중요한 발전을 발표하였습니다. 델라웨어 챈서리 법원은 앨버트 N. 마르키오 II를 회사의 CEO 및 CFO로 임명하며 회사를 해산하고 업무를 정리하도록 지시하는 동의 판결을 내렸습니다.
이번 임명은 2024년 5월 20일 데이비드 R. 매커보이가 마르키오 씨의 임명을 요청하는 청원을 낸 데 따른 것입니다. 법원은 이의 신청 및 청문회를 위한 마감일을 설정했으며, 2025년 1월 3일 마감일까지 주주들이 이의를 제기하지 않았습니다. 법원은 2025년 1월 15일 동의 판결을 내렸습니다.
Fresh Tracks는 2025년 1분기 중에 주주들에게 주당 $0.95에서 $0.98 사이의 분배를 할 것을 예상하고 있습니다.
Fresh Tracks Therapeutics (OTC Pink: FRTX) a annoncé des développements significatifs dans son processus de dissolution. La Cour de Chancery du Delaware a rendu un jugement de consentement nommant Albert N. Marchio II, le PDG et CFO de l'entreprise, en tant que gardien avec pour instruction de dissoudre l'entreprise et de liquider ses affaires.
La nomination fait suite à une pétition déposée par David R. McAvoy le 20 mai 2024, sollicitant la nomination de M. Marchio en tant que gardien. La Cour a fixé des délais pour les objections et les audiences, sans qu'aucun actionnaire ne s'y oppose avant la date limite du 3 janvier 2025. La Cour a accordé le jugement de consentement le 15 janvier 2025.
Fresh Tracks prévoit de finaliser le processus de dissolution et d'effectuer une distribution de 0,95 à 0,98 USD par action aux actionnaires durant le premier trimestre de 2025.
Fresh Tracks Therapeutics (OTC Pink: FRTX) hat bedeutende Entwicklungen in ihrem Auflösungsprozess bekannt gegeben. Das Delaware Chancery Court hat ein einvernehmliches Urteil erlassen, das Albert N. Marchio II, den CEO und CFO des Unternehmens, als Verwalter bestellt, mit dem Auftrag, das Unternehmen aufzulösen und seine Geschäfte abzuwickeln.
Die Ernennung folgt auf einen Antrag von David R. McAvoy, der am 20. Mai 2024 eingereicht wurde und die Ernennung von Herrn Marchio als Verwalter beantragte. Das Gericht setzte Fristen für Einwände und Anhörungen, wobei bis zur Frist am 3. Januar 2025 keine Aktionäre Einspruch erhoben. Das Gericht erteilte das einvernehmliche Urteil am 15. Januar 2025.
Fresh Tracks erwartet, den Auflösungsprozess abzuschließen und eine Verteilung zwischen 0,95 und 0,98 USD pro Aktie an die Aktionäre im ersten Quartal 2025 vorzunehmen.
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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
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.
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