Exicure, Inc. (Nasdaq: XCUR, “Exicure” or the “Company”), today announced that its stockholders approved a second investment of $8.7 million from HiTron Systems Inc. (“HiTron”), a publicly listed company on the KOSPI exchange in South Korea. This approval was in connection with the Change of Control transaction, which was ratified at the Special Meeting of Stockholders held on December 17, 2024. The investment is expected to close in the coming days, subject to regulatory approvals.
Following this second investment, HiTron’s total investment in Exicure will reach $10 million, after an initial $1.3 million investment closed in November 2024. Under the terms of the common stock purchase agreement signed in early November, HiTron will purchase shares at a price of $3 per share. Once the second tranche of funding closes, HiTron will become Exicure’s largest shareholder, owning more than 50% of the Company. Additionally, on December 17, 2024, HiTron completed the acquisition of Exicure’s management rights with the appointment of new members to the Company’s Board of Directors.
As previously disclosed in the Company’s December 9, 2024 8-K filing, Exicure raised $2 million through a share issuance from institutional investors. The Company is also planning to raise approximately $2.4 million in the near term through additional capital raises. With these investments, Exicure expects to raise a total of around $15 million, positioning it to advance its core pipeline and pursue strategic transactions.
The Company is currently in discussions with a U.S.-based therapeutics company and expects to provide an update on these discussions in January 2025.
Regarding Exicure’s listing status on The Nasdaq Capital Market, the Company had previously been notified on June 20, 2024, that it no longer met Nasdaq’s minimum $2.5 million stockholders’ equity requirement for continued listing. On December 17, 2024, the Company presented its plan to regain compliance with this requirement to a Nasdaq Hearings Panel. With the recent funding from HiTron and institutional investors, Exicure believes it will meet the Nasdaq listing requirements and is awaiting a decision from the Panel.
Management and Board Changes
In addition to the funding update, Exicure announced key changes to its executive management and Board of Directors. Effective December 19, 2024, the Company’s Board of Directors increased the authorized number of directors to nine and appointed four new members to the Board. Andy Yoo has been named Chief Executive Officer of Exicure, bringing new leadership to the Company as it moves forward with its strategic initiatives.
About Exicure, Inc.
Exicure, Inc. is a biotechnology company focused on the development of nucleic acid-based therapies targeting RNA for the treatment of genetic diseases and cancer. Following a restructuring and the suspension of certain clinical and development activities, the Company is exploring strategic alternatives to maximize shareholder value, including potential collaborations and licensing agreements.
