On August 24, 2023, Forte Biosciences, Inc announced that it has received shareholder proposal from Funicular Funds, LP, a partner to Cable Car Capital LLC requesting the board of directors to take all steps necessary to terminate without delay the preferred stock rights agreement, dated as of July 12, 2022, as amended on June 26, 2023.Further, Forte Biosciences, Inc stated that the board recommended shareholders to vote against the shareholder proposal at the annual meeting of shareholders to be held on September 19, 2023.