BOULDER - Fresh Tracks Therapeutics, Inc. (Nasdaq: FRTX) ('Fresh Tracks' or the 'Company') announced today that its special meeting of stockholders has been adjourned to Thursday, November 30, 2023 at 10 a.m. Mountain Time with respect to both proposals described in Fresh Tracks' definitive proxy statement filed with the U.S. Securities and Exchange Commission (the 'SEC') on October 20, 2023 (the 'Proxy Statement').
The reconvened Special Meeting on November 30, 2023 will continue to be held via live webcast at www.virtualshareholdermeeting.com/FRTX2023SM. In addition, the record date for determining stockholders entitled to vote at the Special Meeting will remain the close of business on October 17, 2023.
During the current adjournment, Fresh Tracks continues to solicit votes from its stockholders with respect to both proposals set forth in the Proxy Statement. At the time the Special Meeting was adjourned, proxies and votes had been submitted by stockholders representing approximately 39.6% of the shares of Fresh Tracks' common stock outstanding and entitled to vote, which was not sufficient to approve Proposal 1, Approval of the Liquidation and Dissolution of the Company and the Plan of Liquidation and Dissolution (the 'Plan of Dissolution'), which, if approved, will authorize the Company and the Board of Directors to Liquidate and Dissolve the Company in accordance with the Plan of Dissolution, which requires approval by the holders of a majority of the outstanding shares of common stock of Fresh Tracks.
Proxies previously submitted with respect to the Special Meeting will be voted on both proposals at the reconvened Special Meeting as indicated therein, unless properly revoked, and stockholders who have previously submitted a proxy need not take any action.
Fresh Tracks encourages all stockholders of record on October 17, 2023 who have not yet voted to submit their proxy by 11:59 p.m. Eastern Time on November 29, 2023. If Fresh Tracks' stockholders do not approve Proposal 1, Fresh Tracks intends to seek judicial dissolution, which is likely to be costly and time-consuming and would reduce the amount of cash distributable to Fresh Tracks' stockholders associated with the Company's dissolution.
Cautionary Note Regarding Forward-Looking Statements
Any statements made in this press release relating to future financial, business, conditions, plans, prospects, impacts, shifts, trends, progress, or strategies and other such matters, including without limitation, Fresh Tracks' proposed Dissolution pursuant to its Plan of Dissolution, the timing of filing of the Certificate of Dissolution, the timing and outcome of the Special Meeting to approve the Dissolution and the Plan of Dissolution, the Company's intent to seek judicial dissolution and the results of such action, the amount, number, and timing of liquidating distributions, if any, to its stockholders, the amount of reserves, and similar statements, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words 'may,' 'could,' 'should,' 'might,' 'show,' 'continue,' 'conduct,' 'reduce,' 'report,' 'seek,' 'conserve,' 'distribute,' 'dissolve,' 'encourage,' 'discontinue,' 'terminate,' 'wind down,' 'additional,' 'announce,' 'anticipate,' 'believe,' 'sufficient,' 'estimate,' 'expect,' 'intend,' 'plan,' 'potential,' 'will,' 'evaluate,' 'aim,' 'meet,' 'support,' 'look forward,' 'develop,' 'promise,' 'provide,' 'first-in-class,' 'opportunity,' 'disrupt,' 'reduce,' 'suggest,' and similar expressions and their variants, as they relate to Fresh Tracks or any of Fresh Tracks' partners, or third parties, 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 availability, timing and amount of liquidating 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 the Dissolution being different than estimated; the ability of the Fresh Tracks board of directors to abandon, modify or delay implementation of the Dissolution, even after stockholder approval; failure of the Company's stockholders to approve the proposed Plan of Dissolution; 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.
Contact:
Dan Ferry
Tel: (617) 430-7576
Email: daniel@lifesciadvisors.com
FRESH TRACKS THERAPEUTICS, INC. 
