FBRX - Large Forte Biosciences shareholder scolds company board of directors
- Funicular Funds, which owns 8% of the outstanding shares of Forte Biosciences ( NASDAQ: FBRX ), excoriated the company's board of directors in a letter over a recent capital raise.
- In an SEC filing , Funicular said the letter addressed the "Board’s failure to address the legitimate concerns previously raised by stockholders and its decision to embark on a value-destructive, scorched-earth path with a dilutive and unnecessary capital raise, without so much as an explanation for its actions."
- Funicular is asking to establish a committee of independent directors to investigate shareholder concerns.
- In July, a pair of large shareholders demanded changes at Forte ( FBRX ), including a suggestion that the company liquidate .
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Large Forte Biosciences shareholder scolds company board of directors