Fresh Tracks Therapeutics Announces Dissolution, Initial Cash Distribution and Termination of Trading on the OTC Pink Market
Fresh Tracks Therapeutics (OTC Pink: FRTX) has announced its planned dissolution, with the effective date set for February 28, 2025. The company will make an initial cash distribution of $0.96 per share to stockholders and eligible warrant holders as of February 28, 2025.
With approximately 6.0 million outstanding shares and 0.6 million eligible warrants, the total initial distribution is expected to be $6.3 million. The company's common stock will cease trading on the OTC Pink Market at the close of business on February 28, 2025.
The winding down process could take up to ten years, during which the company will maintain a reserve for known and unknown expenses. A second cash distribution may be made after settling final claims and expenses. Equiniti Trust Company has been appointed as the distribution agent to manage the process.
Fresh Tracks Therapeutics (OTC Pink: FRTX) ha annunciato la sua prevista dissoluzione, con la data effettiva fissata per il 28 febbraio 2025. L'azienda effettuerà una distribuzione iniziale in contante di $0,96 per azione agli azionisti e ai titolari di warrant idonei a partire dal 28 febbraio 2025.
Con circa 6,0 milioni di azioni in circolazione e 0,6 milioni di warrant idonei, la distribuzione iniziale totale è prevista essere $6,3 milioni. Le azioni ordinarie della società cesseranno di essere scambiate sul mercato OTC Pink al termine dell'attività il 28 febbraio 2025.
Il processo di liquidazione potrebbe richiedere fino a dieci anni, durante i quali l'azienda manterrà una riserva per spese note e sconosciute. Una seconda distribuzione in contante potrebbe essere effettuata dopo la risoluzione delle richieste e delle spese finali. Equiniti Trust Company è stata nominata agente di distribuzione per gestire il processo.
Fresh Tracks Therapeutics (OTC Pink: FRTX) ha anunciado su disolución planificada, con la fecha efectiva establecida para el 28 de febrero de 2025. La compañía realizará una distribución inicial en efectivo de $0.96 por acción a los accionistas y titulares de warrants elegibles a partir del 28 de febrero de 2025.
Con aproximadamente 6.0 millones de acciones en circulación y 0.6 millones de warrants elegibles, se espera que la distribución inicial total sea de $6.3 millones. Las acciones ordinarias de la compañía dejarán de cotizar en el mercado OTC Pink al cierre de operaciones el 28 de febrero de 2025.
El proceso de liquidación podría tardar hasta diez años, durante los cuales la compañía mantendrá una reserva para gastos conocidos y desconocidos. Se podría realizar una segunda distribución en efectivo después de resolver las reclamaciones y gastos finales. Equiniti Trust Company ha sido designada como agente de distribución para gestionar el proceso.
Fresh Tracks Therapeutics (OTC Pink: FRTX)는 예정된 해산을 발표했으며, 효력 발생일은 2025년 2월 28일로 설정되었습니다. 회사는 2025년 2월 28일 기준으로 주주 및 적격 워런트 보유자에게 주당 $0.96의 초기 현금 배당금을 지급할 예정입니다.
약 600만 주의 발행 주식과 60만 개의 적격 워런트가 있는 가운데, 총 초기 배당금은 $6.3백만으로 예상됩니다. 회사의 보통주는 2025년 2월 28일 영업 종료 시 OTC Pink 시장에서 거래가 중단됩니다.
청산 과정은 10년까지 걸릴 수 있으며, 이 기간 동안 회사는 알려진 및 알려지지 않은 비용을 위한 준비금을 유지할 것입니다. 최종 청구 및 비용을 정산한 후 두 번째 현금 배당금이 지급될 수 있습니다. Equiniti Trust Company가 이 과정을 관리하기 위해 배당 에이전트로 임명되었습니다.
Fresh Tracks Therapeutics (OTC Pink: FRTX) a annoncé sa dissolution prévue, avec une date effective fixée au 28 février 2025. La société procédera à une distribution initiale en espèces de 0,96 $ par action aux actionnaires et aux détenteurs de warrants éligibles à partir du 28 février 2025.
Avec environ 6,0 millions d'actions en circulation et 0,6 million de warrants éligibles, la distribution initiale totale devrait être de 6,3 millions $. Les actions ordinaires de la société cesseront d'être négociées sur le marché OTC Pink à la clôture des affaires le 28 février 2025.
Le processus de liquidation pourrait prendre jusqu'à dix ans, période durant laquelle la société maintiendra une réserve pour les dépenses connues et inconnues. Une deuxième distribution en espèces pourrait être effectuée après le règlement des demandes et des dépenses finales. Equiniti Trust Company a été désignée comme agent de distribution pour gérer le processus.
Fresh Tracks Therapeutics (OTC Pink: FRTX) hat seine geplante Auflösung angekündigt, mit dem Stichtag am 28. Februar 2025. Das Unternehmen wird eine erste Barverteilung von 0,96 $ pro Aktie an Aktionäre und berechtigte Warrant-Inhaber ab dem 28. Februar 2025 vornehmen.
Mit etwa 6,0 Millionen ausstehenden Aktien und 0,6 Millionen berechtigten Warrants wird die gesamte erste Verteilung voraussichtlich 6,3 Millionen $ betragen. Die Stammaktien des Unternehmens werden am 28. Februar 2025 zum Ende des Geschäftstags an der OTC Pink Market nicht mehr gehandelt.
Der Abwicklungsprozess kann bis zu zehn Jahre dauern, währenddessen das Unternehmen eine Rücklage für bekannte und unbekannte Ausgaben aufrechterhält. Eine zweite Barverteilung könnte nach der Begleichung endgültiger Ansprüche und Ausgaben erfolgen. Equiniti Trust Company wurde als Verteilungsagent zur Verwaltung des Prozesses ernannt.
- Initial cash distribution of $0.96 per share to stockholders
- Total distribution of $6.3 million
- Possibility of a second cash distribution after settling claims
- Company dissolution and delisting from OTC Pink Market
- Extended wind-down period of up to 10 years
- Uncertainty about final distribution amount due to unknown future expenses
As previously disclosed, on January 15, 2025, the Court of Chancery of the
Dissolution Plan Update
The Company is continuing to wind down its operations and resolve all outstanding liabilities. The Company currently has approximately 6.0 million outstanding shares and approximately 0.6 million outstanding eligible warrants, and the total cash to be distributed in the initial distribution is expected to be approximately
The Company expects the final winding down process to take up to ten years. During this period, the Company will maintain a reserve for expenses, both known and unknown. After the initial distribution to the stockholders, as discussed above, and the settlement of any final claims and expenses, the Company may make a second cash distribution of any remaining reserve funds to its stockholders.
Termination of Trading on the OTC Pink Market
Fresh Tracks' common stock is expected to cease trading on the OTC Pink Market at the close of business on February 28, 2025. This date will also serve as the date for determining stockholders and warrant holders who will be eligible to receive their pro-rata share of the distribution proceeds.
The Company's Distribution Agent
The Company has appointed Equiniti Trust Company, LLC ("Equiniti") as the Company's distribution agent. You may contact Equiniti with any questions about your shares, warrants and/or the distributions. Below is the contact information for Equiniti:
Equiniti Trust Company, LLC
48 Wall Street, 22nd Floor
Attn: Shareowner Services
Tel: (800) 937-5449
Email: HelpAST@equiniti.com
Stockholders who hold shares and warrant holders who hold warrants in book entry accounts at our transfer agent, Equiniti, will receive checks in the amount of their cash distribution. Stockholders who hold shares and warrant holders who hold warrants through a broker or other DTC registered nominee will receive their cash distribution through their account at such broker or other nominee.
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 planned dissolution of Fresh Tracks, the timing and amount of any distribution to stockholders and the timing of the removal of Fresh Tracks' common stock from trading on the OTC Pink Market, 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
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SOURCE Fresh Tracks Therapeutics, Inc.
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