Fresh Tracks to seek judicial dissolution if dissolution not approved by holders

Fresh Tracks Therapeutics announced plans to hold a new special meeting of stockholders on February 15, 2024 to seek stockholder approval of the liquidation and dissolution of the Company and the plan of liquidation and dissolution. As of today’s reconvened special meeting of stockholders of the Company, stockholders representing approximately 46.91% of the shares of Fresh Tracks’ common stock outstanding and entitled to vote had submitted proxies or votes in favor of a proposal to authorize the Company and the Board of Directors to liquidate and dissolve the Company in accordance with the Plan of Dissolution, which was not sufficient to approve the proposal. “After conducting an aggressive stockholder outreach strategy over four different special meeting dates, we have concluded that Fresh Tracks is unlikely to secure enough stockholder participation to approve the Dissolution and Plan of Dissolution at the current special meeting because of how many shares of common stock have traded since the record date,” said Albert N. Marchio, II, Chief Executive Officer and Chief Financial Officer of the Company. “As a result, the Board of Directors of Fresh Tracks has decided to hold a new Special Meeting on February 15, for all stockholders of record as of January 11. We will provide additional information regarding the planned Special Meeting over the coming weeks.” The Company intends to seek judicial dissolution if the liquidation and dissolution is not approved by Fresh Tracks’ stockholders at the Special Meeting, which would reduce the amount of cash distributable to stockholders.