Fresh Tracks announces suspension of trading on Nasdaq on December 19

Fresh Tracks Therapeutics announced receipt of a notice from Nasdaq stating that the Company’s common stock will be suspended from trading on The Nasdaq Capital Market at the open of business on December 19, 2023. Following the suspension, the Company expects its common stock to begin trading on an over-the-counter market. The Company anticipates disclosing further trading market information for its common stock once such information becomes available. As previously disclosed, on October 10, 2023, the Company received a notice from the Listing Qualifications Department of The Nasdaq Stock Market informing the Company that the Staff, pursuant to Nasdaq Listing Rule Series 5100, had determined to apply more stringent criteria and delist the Company’s common stock. However, on October 17, 2023, the Company requested an appeal through a hearing before the Nasdaq Hearings Panel, which stayed the suspension and delisting action pending the Panel’s decision. On December 15, 2023, in preparation for the planned liquidation and dissolution of the Company, the Company’s Board of Directors approved the withdrawal of the Appeal and authorized the officers of the Company to seek to delist the Company’s common stock from Nasdaq. The Company also notified Nasdaq of its decision to withdraw the Appeal. Also on December 15, 2023, following receipt by Nasdaq of the Company’s notice, the Company received a letter from Nasdaq confirming the Company’s withdrawal of the Appeal. As a result of the Company voluntarily withdrawing its Appeal, Nasdaq intends to suspend the Company’s common stock from trading at the open of business on December 19, 2023 and to file a Form 25 with the Securities and Exchange Commission when all internal procedural periods have run.