Exicure, Inc. - XCUR STOCK NEWS

Exicure (XCUR) has announced significant developments following its December 17, 2024 Special Meeting of Stockholders. Shareholders approved a $8.7 million equity financing from HiTron Systems Inc., a South Korean public company. This follows an initial $1.3 million investment, bringing HiTron's total investment to $10 million at $3 per share.

The company has undergone major changes, including the appointment of Andy Yoo as CEO and four new directors, expanding the board to nine members. HiTron will become Exicure's majority shareholder with over 50% ownership upon closing of the second investment.

Additionally, Exicure secured $2 million from institutional investors and plans to raise another $2.4 million, targeting total fundraising of approximately $15 million. The company is in discussions with a US therapeutics company and expects to provide updates in January. These investments are important for maintaining Nasdaq listing compliance, addressing the minimum $2.5 million stockholders' equity requirement.

Exicure (XCUR) has entered into two purchase agreements with HiTron Systems for equity financing totaling $10 million. The first agreement, for $1.3 million (433,333 shares at $3.00/share), is expected to close within 10 days. The second agreement for $8.7 million (2,900,000 shares at $3.00/share) requires stockholder approval. For Q3 2024, the company reported cash position of $0.3 million, down from $0.8 million in December 2023, and a net loss of $1.1 million compared to $5.3 million in Q3 2023. The company faces continued listing challenges with Nasdaq and requires immediate additional funding to continue operations.

Exicure (Nasdaq: XCUR) has received an extension from the Nasdaq Hearings Panel to continue its listing on The Nasdaq Capital Market. The company must demonstrate compliance with all applicable criteria by November 14, 2024. Exicure is actively working to meet the Panel's requirements and maintain its Nasdaq listing. The company has already regained compliance with Nasdaq's minimum bid price requirement and has exchanged approximately $1,000,000 of debt for equity at a conversion price of $3.00 per share.

Exicure (Nasdaq: XCUR) has announced a 1-for-5 reverse stock split of its outstanding common shares, effective August 27, 2024, at 5:00 pm. Trading on a split-adjusted basis will begin on August 28, 2024, under the new CUSIP number 30205M 309. This move aims to regain compliance with Nasdaq's listing rules.

The reverse split will reduce Exicure's outstanding shares from approximately 8.65 million to 1.73 million. Stockholders' ownership percentages will remain unchanged, except for adjustments due to fractional shares. The number of authorized shares and par value will not be affected. Stockholders with book-entry shares need not take action, and those entitled to fractional shares will receive additional fractions to round up to a full share.

Exicure (Nasdaq: XCUR) announced an additional adjournment of its Special Meeting of Stockholders, initially scheduled for August 15, 2024, and reconvened on August 19, 2024. The meeting has been adjourned again due to lack of quorum, with only 49.7% of outstanding shares represented at the reconvened meeting. The Special Meeting will be reconvened on August 20, 2024, at 9:00 a.m. Central Time, held virtually via live audio-only webcast.

The record date for voting eligibility remains July 26, 2024. Previously submitted proxies will be valid for the adjourned meeting unless revoked. Stockholders who haven't voted are encouraged to do so via the Internet at www.proxyvote.com or by phone at 1-800-690-6903.

Exicure (Nasdaq: XCUR) announced the adjournment of its Special Meeting of Stockholders scheduled for August 15, 2024, due to lack of quorum. The meeting will be reconvened on August 19, 2024, at 9:00 a.m. Central Time, and will be held virtually via live audio-only webcast. At the time of adjournment, proxies had been submitted by stockholders representing approximately 49.4% of the outstanding shares entitled to vote, falling short of the required majority.

The record date for voting eligibility remains July 26, 2024. Previously submitted proxies will be valid for the reconvened meeting unless revoked. Stockholders who haven't voted are encouraged to do so via the Internet at www.proxyvote.com or by phone at 1-800-690-6903.

Exicure, Inc. (Nasdaq: XCUR) reported its Q2 2024 financial results, revealing a challenging financial position. The company's cash and cash equivalents decreased to $0.5 million as of June 30, 2024, from $0.8 million at the end of 2023. Exicure's net loss narrowed to $0.6 million in Q2 2024, compared to $5.8 million in Q2 2023, primarily due to reduced operations and cost-cutting measures. General and administrative expenses decreased significantly to $1.2 million, down from $5.6 million in the same quarter last year. The company generated $0.6 million in other income from selling clinical product samples. However, Exicure faces a critical cash shortage and urgently needs substantial additional financing to continue operations and explore strategic alternatives.

Exicure (Nasdaq: XCUR) has appointed Anna Chukaeva as Senior Vice President, Head of Corporate Development and Bioinformatics. Anna will lead investments, acquisitions, and strategic partnerships, while also focusing on leveraging data and AI for drug discovery and diagnostics.

Anna's background includes co-founding Carta Healthcare, an AI healthcare data company that raised over $50 million in venture financing. At Carta, she led a 40-person engineering and product team, developing enterprise-scale data software products adopted by hospital systems nationwide. Anna holds a bachelor's degree in mathematics, a master's in economics, and an MBA from Stanford.

Exicure (Nasdaq: XCUR) has received a positive listing determination from the Nasdaq Hearings Panel. The panel has decided to continue the company's listing on The Nasdaq Capital Market, subject to Exicure demonstrating compliance with all applicable criteria by September 16, 2024. This decision provides Exicure with additional time to meet the necessary requirements for maintaining its Nasdaq listing. The company is actively working to satisfy the terms of the panel's decision and ensure its continued presence on the Nasdaq exchange.