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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) ha annunciato sviluppi significativi a seguito dell’assemblea speciale degli azionisti del 17 dicembre 2024. Gli azionisti hanno approvato un finanziamento azionario di 8,7 milioni di dollari da HiTron Systems Inc., una società pubblica sudcoreana. Questo segue un primo investimento di 1,3 milioni di dollari, portando l’investimento totale di HiTron a 10 milioni di dollari a 3 dollari per azione.
L’azienda ha subito importanti cambiamenti, tra cui la nomina di Andy Yoo come CEO e di quattro nuovi direttori, espandendo il consiglio a nove membri. HiTron diventerà il principale azionista di Exicure con oltre il 50% di proprietà al momento della chiusura del secondo investimento.
Inoltre, Exicure ha ottenuto 2 milioni di dollari da investitori istituzionali e prevede di raccogliere altri 2,4 milioni di dollari, puntando a un totale di raccolta fondi di circa 15 milioni di dollari. L’azienda è in trattativa con una società terapeutica statunitense e prevede di fornire aggiornamenti a gennaio. Questi investimenti sono importanti per mantenere la conformità al listing del Nasdaq, affrontando il requisito minimo di 2,5 milioni di dollari di patrimonio netto degli azionisti.
Exicure (XCUR) ha anunciado desarrollos importantes tras su reunión especial de accionistas del 17 de diciembre de 2024. Los accionistas aprobaron un financiamiento en capital de 8.7 millones de dólares de HiTron Systems Inc., una empresa pública de Corea del Sur. Esto sigue a una inversión inicial de 1.3 millones de dólares, elevando la inversión total de HiTron a 10 millones de dólares a 3 dólares por acción.
La compañía ha experimentado cambios significativos, incluida la designación de Andy Yoo como CEO y cuatro nuevos directores, ampliando la junta a nueve miembros. HiTron se convertirá en el principal accionista de Exicure con más del 50% de participación una vez que se cierre la segunda inversión.
Además, Exicure aseguró 2 millones de dólares de inversores institucionales y planea recaudar otros 2.4 millones de dólares, apuntando a un total de recaudación de aproximadamente 15 millones de dólares. La empresa está en conversaciones con una compañía estadounidense de terapias y espera proporcionar actualizaciones en enero. Estas inversiones son importantes para mantener la conformidad con el listado de Nasdaq, abordando el requisito mínimo de patrimonio de los accionistas de 2.5 millones de dólares.
Exicure (XCUR)는 2024년 12월 17일 주주 특별 회의 이후 중요한 발전이 있음을 발표했습니다. 주주들은 한국의 상장 기업인 HiTron Systems Inc.로부터 을 승인했습니다. 이는 130만 달러의 초기 투자에 이어지는 것으로, HiTron의 총 투자액은 주당 3달러로 1천만 달러에 달합니다.
회사는 Andy Yoo를 CEO로 임명하고 4명의 새로운 이사를 추가하여 이사회를 9명으로 확장하는 등 큰 변화를 겪었습니다. HiTron은 두 번째 투자가 완료되면 Exicure의 최대 주주가 되어 50% 이상을 차지하게 됩니다.
또한, Exicure는 기관 투자자에게서 200만 달러를 확보하였으며, 추가로 240만 달러를 모금할 계획이며, 총 1500만 달러의 자금 조달을 목표로 하고 있습니다. 회사는 미국의 치료제 회사와 논의 중이며 1월에 업데이트를 제공할 예정입니다. 이러한 투자들은 나스닥 상장 요건을 유지하는 데 중요하며, 최소 250만 달러의 주주 자본 요건을 충족하는 데 도움을 줍니다.
Exicure (XCUR) a annoncé des développements significatifs suite à sa réunion spéciale des actionnaires du 17 décembre 2024. Les actionnaires ont approuvé un financement par actions de 8,7 millions de dollars de HiTron Systems Inc., une société publique sud-coréenne. Cela fait suite à un investissement initial de 1,3 million de dollars, portant l’investissement total de HiTron à 10 millions de dollars à 3 dollars par action.
La société a subi d’importants changements, y compris la nomination de Andy Yoo en tant que PDG et de quatre nouveaux administrateurs, élargissant le conseil d’administration à neuf membres. HiTron deviendra l’actionnaire majoritaire d’Exicure avec plus de 50 % de participation lors de la clôture du deuxième investissement.
De plus, Exicure a sécurisé 2 millions de dollars d’investisseurs institutionnels et prévoit de lever encore 2,4 millions de dollars, visant un total de collecte de fonds d’environ 15 millions de dollars. L’entreprise est en pourparlers avec une société thérapeutique américaine et s’attend à fournir des mises à jour en janvier. Ces investissements sont importants pour maintenir la conformité avec la cotation Nasdaq, répondant à l’exigence minimale de 2,5 millions de dollars de capitaux propres des actionnaires.
Exicure (XCUR) hat bedeutende Entwicklungen nach der Sonderaktionärsversammlung am 17. Dezember 2024 bekannt gegeben. Die Aktionäre stimmten einem Eigenkapitalfinanzierungsbetrag von 8,7 Millionen Dollar von HiTron Systems Inc., einem südkoreanischen Unternehmen, zu. Dies folgt auf eine erste Investition von 1,3 Millionen Dollar, wodurch HiTrons Gesamtinvestition auf 10 Millionen Dollar bei 3 Dollar pro Aktie steigt.
Das Unternehmen hat bedeutende Veränderungen erfahren, darunter die Ernennung von Andy Yoo zum CEO und vier neuen Direktoren, wodurch der Vorstand auf neun Mitglieder erweitert wird. HiTron wird beim Abschluss der zweiten Investition mit über 50 % Mehrheitsaktionär von Exicure.
Zusätzlich sicherte sich Exicure 2 Millionen Dollar von institutionellen Investoren und plant, weitere 2,4 Millionen Dollar zu sammeln, mit einem Ziel von insgesamt etwa 15 Millionen Dollar. Das Unternehmen befindet sich in Gesprächen mit einem US-Therapieunternehmen und plant, im Januar Neuigkeiten bekannt zu geben. Diese Investitionen sind wichtig, um die Anforderungen für die Nasdaq-Listung zu erfüllen, insbesondere die Mindestanforderung von 2,5 Millionen Dollar an Eigenkapital der Aktionäre.
CHICAGO–(BUSINESS WIRE)– Please replace the release dated December 20, 2024 with the following corrected version due to multiple revisions.
The updated release reads:
EXICURE, INC. ANNOUNCES SHAREHOLDERS APPROVE THE $8.7 MILLION EQUITY FINANCING AND REPORTS EXECUTIVE MANAGEMENT AND BOARD CHANGES
Exicure, Inc. (Nasdaq: XCUR, “the Company”, “Exicure”), today announced that in connection with the change of control transaction approved by the stockholders at the Special Meeting of the Stockholders on December 17, 2024 (the “Change of Control”), the stockholders of the Company approved a second investment of $8.7 million from HiTron Systems Inc. (“HiTron”), a publicly listed company (KOSPI) in South Korea. This investment is expected to close within a few days depending on regulatory approvals. Also, as of December 19, 2024, the Board of Directors (the “Board”) of the Company changed the authorized number of directors comprising the Board to nine directors and appointed four new directors to the Board and Andy Yoo as Chief Executive Officer of the Company.
The total investment from HiTron will be $10 million after the initial investment of $1.3 million closed in November. The share issuance price for HiTron is $3 per share per the common stock purchase agreement that was signed in early November, and once the second investments closes, HiTron will become Exicure’s largest shareholder, owning over 50% of the Company. On December 17, 2024, HiTron completed the acquisition of Exicure’s management rights through the appointment of board members.
As disclosed in the 8-K filed on December 9, 2024, the Company Exicure secured $2 million through a share issuance from institutional investors. The Company plans to raise approximately $2.4 million in the near term through further capital increases. The total amount raised is expected to be around $15 million USD.
With these additional investments, the Company is positioned to focus on developing its core pipeline and pursuing strategic transactions. The Company is in discussions with a US therapeutics company and expects to provide an additional update in January.
As previously disclosed, on June 20, 2024, the Company was notified by The Nasdaq Stock Market LLC (“Nasdaq”) that the Company no longer satisfied the minimum $2.5 million stockholders’ equity requirement for continued listing on The Nasdaq Capital Market (the “Equity Requirement”). On December 17, 2024, the Company presented its plan to regain compliance with the Equity Requirement to a Nasdaq Hearings Panel (the “Panel”). With these recent investments, the Company believes that the funds raised will allow the Company to meet the requirements for Nasdaq continued listing and awaits a decision from the Panel.
About Exicure, Inc.
Exicure, Inc. has historically been an early-stage biotechnology company focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets. Following its recent restructuring and suspension of clinical and development activities, the Company is exploring strategic alternatives to maximize stockholder value, both with respect to its historical biotechnology assets and more broadly. For further information, see https://investors.exicuretx.com/overview/default.aspx.
Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. There can be no assurance regarding our ability to comply with the Panel’s decision and the applicable listing criteria by the deadline or thereafter. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual outcomes to differ materially from the outcomes expressed or implied by this report. Such risks include, among others, the possibility we will not be able to cure existing listing deficiencies, the possibility of additional deficiencies, the risk that the Company may not adequately comply with the terms of the Panel’s decision, and the risk that Nasdaq will ultimately delist the Company’s common stock. All such factors are difficult to predict and may be beyond the Company’s control. The Company undertakes no obligation and does not intend to update or revise any forward-looking statements contained herein, except as required by law or regulation. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241220619381/en/
Media Contact:
Josh Miller
847-673-1700
Source: Exicure, Inc.
FAQ
How much total investment is HiTron making in Exicure (XCUR)?
HiTron is making a total investment of $10 million in Exicure, consisting of an initial $1.3 million investment closed in November and a second investment of $8.7 million at $3 per share.
What percentage ownership will HiTron have in XCUR after the investment?
Upon closing of the second investment, HiTron will become Exicure’s largest shareholder, owning over 50% of the Company.
How much total funding is Exicure (XCUR) expecting to raise?
Exicure expects to raise approximately $15 million in total, including HiTron’s $10 million investment, $2 million from institutional investors, and planned additional capital increases of $2.4 million.
What is Exicure’s current status with Nasdaq listing requirements?
Exicure is working to regain compliance with Nasdaq’s minimum $2.5 million stockholders’ equity requirement and presented its plan to a Nasdaq Hearings Panel on December 17, 2024.
What major management changes occurred at Exicure in December 2024?
On December 19, 2024, Andy Yoo was appointed as CEO, and four new directors were added to the board, expanding it to nine members.
What is the share issuance price for HiTron’s investment in XCUR?
The share issuance price for HiTron’s investment is $3 per share, as per the common stock purchase agreement signed in early November.
