TRACON Pharmaceuticals Announces it Will Wind Down Operations
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.
TRACON Pharmaceuticals (OTCQB: TCON) ha annunciato un cambiamento operativo significativo. L'azienda ha deciso di chiudere le proprie operazioni, terminando tutti i contratti di lavoro. Questa decisione è stata presa durante una riunione straordinaria del consiglio di amministrazione. Nell'ambito di questo processo, Craig R. Jalbert è stato nominato nuovo CEO, Presidente, Tesoriere, Segretario e unico membro del consiglio dell'azienda. Jalbert, 62 anni, porta con sé un'esperienza ampia nella gestione di aziende in difficoltà, avendo lavorato come principale presso Verdolino & Lowey, P.C. dal 1987. La sua esperta gestione delle aziende durante le fasi di chiusura dovrebbe guidare TRACON attraverso questa fase critica.
TRACON Pharmaceuticals (OTCQB: TCON) ha anunciado un cambio operativo significativo. La empresa ha decidido cerrar sus operaciones, despidiendo a todos los empleados. Esta decisión se tomó durante una reunión especial de la junta directiva. Como parte de este proceso, Craig R. Jalbert ha sido nombrado nuevo CEO, Presidente, Tesorero, Secretario y único miembro de la junta de la empresa. Jalbert, de 62 años, aporta una amplia experiencia en la gestión de empresas en problemas, habiendo sido principal en Verdolino & Lowey, P.C. desde 1987. Se espera que su experiencia en el manejo de empresas durante las fases de cierre guíe a TRACON a través de esta transición crítica.
TRACON Pharmaceuticals (OTCQB: TCON)은 중요한 운영 변경을 발표했습니다. 회사는 운영을 종료하기로 결정하고 모든 직원을 해고했습니다. 이 결정은 특별 이사회 회의에서 이루어졌습니다. 이 과정의 일환으로 크레이그 R. 잘버트가 회사의 새로운 CEO, 사장, 재무 담당자, 비서 및 유일한 이사로 임명되었습니다. 62세인 잘버트는 1987년부터 Verdolino & Lowey, P.C.의 주요 책임자로 근무하며 어려움에 처한 기업 관리의 풍부한 경험을 가지고 있습니다. 그의 종료 단계에서 기업을 처리하는 전문 지식이 TRACON이 이 중요한 전환기를 거치는 데 도움이 될 것으로 기대됩니다.
TRACON Pharmaceuticals (OTCQB: TCON) a annoncé un changement opérationnel significatif. L'entreprise a décidé de cesser ses activités, mettant fin aux contrats de tous les employés. Cette décision a été prise lors d'une réunion spéciale du conseil d'administration. Dans le cadre de ce processus, Craig R. Jalbert a été nommé nouveau PDG, Président, Trésorier, Secrétaire et seul membre du conseil de l'entreprise. Jalbert, âgé de 62 ans, apporte une vaste expérience dans la gestion d'entreprises en difficulté, ayant été principal chez Verdolino & Lowey, P.C. depuis 1987. Son expertise dans la gestion d'entreprises durant les phases de cessation devrait guider TRACON à travers cette transition critique.
TRACON Pharmaceuticals (OTCQB: TCON) hat eine bedeutende betriebliche Veränderung angekündigt. Das Unternehmen hat beschlossen, seine Operationen einzustellen und alle Mitarbeiter zu entlassen. Diese Entscheidung wurde während einer speziellen Vorstandssitzung getroffen. Im Rahmen dieses Prozesses wurde Craig R. Jalbert zum neuen CEO, Präsidenten, Schatzmeister, Sekretär und alleinigen Vorstandsmitglied ernannt. Jalbert, 62 Jahre alt, bringt umfassende Erfahrung in der Verwaltung von Unternehmen in der Krise mit, nachdem er seit 1987 als Hauptverantwortlicher bei Verdolino & Lowey, P.C. tätig war. Seine Expertise in der Handhabung von Unternehmen während der Einstellungsphasen wird erwartet, um TRACON durch diesen kritischen Übergang zu führen.
- None.
- 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?
Who is the new CEO of TRACON Pharmaceuticals (TCON) during the wind-down process?
What experience does Craig R. Jalbert bring to TRACON Pharmaceuticals (TCON)?
What will happen to TRACON Pharmaceuticals (TCON) employees?
