8-K
filed September 19, 2023, 7:59 PM ET
CIK 0000819050
other material
confidence high
sentiment negative
materiality 1.00
Fresh Tracks approves dissolution; expects $5-7M distribution ($0.84-$1.17/share)
Fresh Tracks Therapeutics, Inc.
- Board approved plan to dissolve and liquidate, subject to shareholder vote in Q4 2023.
- CEO Andrew Sklawer terminated without cause effective Oct 2; CFO Albert Marchio appointed CEO/CFO/sole director.
- All three prior directors resign Oct 2; bylaws amended to allow one director.
- Company discontinues all R&D, reduces workforce; estimates cash distribution of $5-7M total.
- Special meeting planned; certificate of dissolution to follow, with Nasdaq delisting.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Vijay B. Samant resigned as Director at Fresh Tracks Therapeutics, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
each of the members of the Board (Reginald L. Hardy, Gary A. Lyons and Vijay B. Samant) informed the Company that he will resign from the Board, effective October 2, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Albert N. Marchio, II was appointed as Chief Executive Officer, Chief Financial Officer, and Secretary at Fresh Tracks Therapeutics, Inc..
- Action
- appointed
- Role
- Chief Executive Officer, Chief Financial Officer, and Secretary
Exact text from the filing
the Board appointed Albert N. Marchio, II, the Company’s current Chief Financial Officer, as the Company’s new Chief Executive Officer, Chief Financial Officer, and Secretary, as well as a director and Chairman of the Board, in each case effective October 2, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Reginald L. Hardy resigned as Director at Fresh Tracks Therapeutics, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
each of the members of the Board (Reginald L. Hardy, Gary A. Lyons and Vijay B. Samant) informed the Company that he will resign from the Board, effective October 2, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Gary A. Lyons resigned as Director at Fresh Tracks Therapeutics, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
each of the members of the Board (Reginald L. Hardy, Gary A. Lyons and Vijay B. Samant) informed the Company that he will resign from the Board, effective October 2, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Andrew D. Sklawer departed as President and Chief Executive Officer at Fresh Tracks Therapeutics, Inc..
- Action
- terminated without cause
- Role
- President and Chief Executive Officer
Exact text from the filing
the Board of Directors (the “Board”) of the Company terminated Andrew D. Sklawer, the Company’s President and Chief Executive Officer, without cause, effective October 2, 2023.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
Fresh Tracks Therapeutics, Inc.: Board adopted Amended and Restated Bylaws to decrease the minimum number of directors from three members to one member (effective 2023-09-18).
- Change
- bylaw amendment
- Effective
- 2023-09-18
Exact text from the filing
On September 18, 2023, the Board adopted Amended and Restated Bylaws to decrease the minimum number of directors from three members to one member.
View on SEC.gov
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