Fresh Tracks Therapeutics Announces Appointment of Custodian and Planned Distribution
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 (FRTX) ha annunciato che il Tribunale di Cancelleria del Delaware ha nominato Albert N. Marchio II, CEO e CFO dell'azienda, come custode a seguito di un giudizio consensuale nel caso di David R. McAvoy contro Fresh Tracks. La nomina prevede la dissoluzione dell'azienda e la liquidazione delle sue attività.
L'azienda prevede di completare il processo di dissoluzione e distribuire tra $0,95 e $0,98 per azione agli azionisti durante il primo trimestre del 2024. Questo segue una petizione presentata da McAvoy il 20 maggio 2024, che richiedeva la nomina di Marchio come custode. Nessun azionista ha contestato il giudizio consensuale entro la scadenza del 3 gennaio 2025, e il Tribunale ha concesso la nomina il 15 gennaio 2025.
Fresh Tracks Therapeutics (FRTX) ha anunciado que el Tribunal de Cancillería de Delaware ha nombrado a Albert N. Marchio II, CEO y CFO de la compañía, como custodio tras un juicio consensuado en el caso de David R. McAvoy contra Fresh Tracks. El nombramiento ordena la disolución de la empresa y la liquidación de sus asuntos.
La empresa espera completar el proceso de disolución y distribuir entre $0.95 y $0.98 por acción a los accionistas durante el primer trimestre de 2024. Esto sigue a una petición presentada por McAvoy el 20 de mayo de 2024, solicitando el nombramiento de Marchio como custodio. Ningún accionista objetó el juicio consensuado antes de la fecha límite del 3 de enero de 2025, y el Tribunal concedió el nombramiento el 15 de enero de 2025.
프레시 트랙스 테라퓨틱스(FRTX)는 델라웨어 채권법원이 회사의 CEO이자 CFO인 알버트 N. 마르키오 II를 데이비드 R. 맥어보이 대 프레시 트랙스 사건의 동의 판결에 따라 후견인으로 임명했다고 발표했습니다. 이 임명은 회사의 해산과 사업 정리를 지시합니다.
회사는 2024년 1분기 동안 주주들에게 $0.95와 $0.98 사이의 금액을 분배하며 해산 절차를 마무리할 것으로 예상하고 있습니다. 이는 2024년 5월 20일 맥어보이가 마르키오의 후견인 임명을 요청하는 청원을 제출한 것에 따른 것입니다. 2025년 1월 3일 마감일까지 주주가 동의 판결에 이의를 제기하지 않았고, 법원은 2025년 1월 15일에 임명을 승인했습니다.
Fresh Tracks Therapeutics (FRTX) a annoncé que le Tribunal de la Chancellerie du Delaware a nommé Albert N. Marchio II, PDG et CFO de l'entreprise, en tant que gardien suite à un jugement par consentement dans l'affaire David R. McAvoy contre Fresh Tracks. Cette nomination ordonne la dissolution de l'entreprise et la liquidation de ses affaires.
L'entreprise prévoit de terminer le processus de dissolution et de distribuer entre 0,95 et 0,98 USD par action aux actionnaires durant le premier trimestre de 2024. Cela fait suite à une pétition déposée par McAvoy le 20 mai 2024, demandant la nomination de Marchio comme gardien. Aucun actionnaire n'a objecté au jugement par consentement avant la date limite du 3 janvier 2025, et le Tribunal a accordé la nomination le 15 janvier 2025.
Fresh Tracks Therapeutics (FRTX) hat bekannt gegeben, dass das Delaware Chancery Court Albert N. Marchio II, den CEO und CFO des Unternehmens, als Verwalter nach einem Einvernehmen im Fall David R. McAvoy gegen Fresh Tracks ernannt hat. Die Ernennung ordnet die Auflösung des Unternehmens und die Abwicklung seiner Angelegenheiten an.
Das Unternehmen erwartet, den Auflösungsprozess abzuschließen und zwischen 0,95 und 0,98 USD pro Aktie an die Aktionäre im ersten Quartal 2024 auszuschütten. Dies folgt auf einen Antrag, der am 20. Mai 2024 von McAvoy eingereicht wurde, in dem die Ernennung von Marchio als Verwalter beantragt wurde. Bis zur Frist am 3. Januar 2025 hat kein Aktionär der einvernehmlichen Entscheidung widersprochen, und das Gericht hat die Ernennung am 15. Januar 2025 genehmigt.
- Shareholders will receive a distribution of $0.95-$0.98 per share
- Clear timeline for distribution in Q1 2024
- Orderly dissolution process with court oversight
- Company is being dissolved and will cease operations
- Stock will be delisted following dissolution
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?
When will Fresh Tracks Therapeutics (FRTX) complete its dissolution?
Who was appointed as custodian of Fresh Tracks Therapeutics?
What was the outcome of the McAvoy versus Fresh Tracks case?
Were there any objections to the FRTX dissolution plan?
