Fresh Tracks Therapeutics Announces Plan to Hold New Special Meeting of Stockholders on February 15th

New record date expected to be January 11, 2024

Company intends to seek judicial dissolution if the liquidation and dissolution is not approved by Fresh Tracks’ stockholders at new special meeting, which would reduce the amount of cash distributable to stockholders

BOULDER, Colo., Dec. 27, 2023 (GLOBE NEWSWIRE) -- Fresh Tracks Therapeutics, Inc. (Nasdaq: FRTX) (“Fresh Tracks” or the “Company”) announced today plans to hold a new special meeting of stockholders on February 15, 2024 (the “Special Meeting”) to seek stockholder approval of the liquidation and dissolution of the Company (the “Dissolution”) and the plan of liquidation and dissolution (the “Plan of 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, 2024 for all stockholders of record as of January 11, 2024. 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.

IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT

This press release is for informational purposes only. It is neither a solicitation of a proxy, an offer to purchase, nor a solicitation of an offer to sell shares of the Company. In connection with the proposed Dissolution and the Plan of Dissolution, the Company intends to file a proxy statement and other relevant materials with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS THERETO, ANY OTHER SOLICITING MATERIALS AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED DISSOLUTION, THE PLAN OF DISSOLUTION AND RELATED MATTERS, AND/OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT FRESH TRACKS, THE PROPOSED DISSOLUTION, THE PLAN OF DISSOLUTION AND RELATED MATTERS. Stockholders may obtain a free copy of the proxy statement and the other relevant materials (when they become available), and any other documents filed by the Company with the SEC, at the SEC’s website at http://www.sec.gov or on the “Investors” section of Fresh Track’s website at www.frtx.com.