Exicure, Inc. Announces Receipt of Nasdaq Notice of Non-compliance and Implementation of One-for-Thirty Reverse Stock Split
June 29 2022 - 12:00PM
Business Wire
Exicure, Inc. (NASDAQ: XCUR), an early-stage biotechnology
company focused on the development of next generation nucleic acid
therapies targeting RNA to address both genetic and non-genetic
neurological disorders and hair loss disorders, today announced
that, following the implementation of a one-for-thirty reverse
stock split at 5:00 p.m. EDT today, the Company’s common stock will
begin trading on a split-adjusted basis on Nasdaq effective with
the open of business tomorrow, Thursday, June 30, 2022. The
Company’s common stock will continue to trade under the ticker
symbol “XCUR”. The new CUSIP number for the post-reverse split
common shares is 30205M 200. The Company is implementing the
reverse stock split in an effort to regain compliance with Nasdaq’s
minimum bid price requirement of $1.00 per share.
As a result of the reverse stock split, every thirty pre-split
shares of common stock outstanding will be automatically combined
and converted into one issued and outstanding share of common
stock, without any change in the par value per share. No fractional
shares of the Company’s common stock will be issued to any
stockholders in connection with the reverse stock split. Holders of
record will receive a cash payment in lieu of fractional
shares.
Stockholders of record will receive information regarding their
share ownership from the Company’s transfer agent, American Stock
Transfer & Trust Company, LLC. AST can be reached at (877)
248-6417 or (718) 921-8337.
As previously disclosed, on December 30, 2021, Nasdaq notified
the Company that it no longer satisfied the minimum bid price
requirement set forth in Nasdaq Listing Rule 5550(a)(2), as the bid
price for the Company’s common stock had closed below $1.00 per
share for the previous thirty consecutive business days (the “Bid
Price Requirement”). In accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company was granted a 180-calendar day
compliance period, through June 28, 2022, to regain compliance with
the Bid Price Requirement. The Company did not do so within the
time provided and, on June 29, 2022, was notified that the
Company’s securities were subject to delisting unless the Company
timely requested a hearing before the Nasdaq Hearings Panel (the
“Panel”). The Company plans to timely request a hearing before the
Panel, which will stay any further action by Nasdaq at least until
the conclusion of the hearing process.
In any event, should the Company evidence compliance with the
Bid Price Requirement for the requisite minimum ten-consecutive
business day period prior to or following the hearing, the Company
will request that Nasdaq issue a compliance determination, in which
case the listing matter will be closed.
About Exicure
Exicure, Inc. is an early-stage biotechnology company developing
nucleic acid therapies targeting ribonucleic acid against validated
targets to neurological disorders and hair loss. The team includes
a diverse scientific group with expertise in nucleic acid
chemistry, drug development and neuroscience. Headquartered in
Chicago, Illinois, the Company conducts its discovery and
development efforts in-house with a dedicated 30,000 square foot
facility, including rapid and automated high throughput nucleic
acid synthesis and screening. For further information, see
www.exicuretx.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. All statements in this press release other than
statements of historical fact could be deemed forward looking
including, but not limited to, statements regarding the Company’s
ability to regain compliance with Nasdaq listing rules or standards
including its ability to regain compliance with the Bid Price
Requirement; the Company’s ability to be granted a hearing or any
additional compliance period by Nasdaq; following any such hearing,
the Company’s ability to continue to list its common stock on The
Nasdaq Capital Market; and the Company’s ability to obtain any
relief from delisting as necessary from Nasdaq or ultimately meet
any applicable Nasdaq requirements for any such relief. Words such
as “plans,” “expects,” “will,” “anticipates,” “continue,”
“advance,” “target,” “may,” “intend,” “could,” and other words and
terms of similar meaning and expression are intended to identify
forward-looking statements, although not all forward-looking
statements contain such terms. The forward-looking statements in
this press release speak only as of the date of this press release,
and the Company undertakes no obligation to update these
forward-looking statements. Forward-looking statements are based on
management’s current beliefs and assumptions that are subject to
risks and uncertainties and are not guarantees of future
performance. Actual results could differ materially from those
contained in any forward-looking statement as a result of various
factors, including, without limitation: the risk that the reverse
stock split may not have the effect of increasing the trading price
of the Company’s common stock and the Company may not be able to
regain compliance with Nasdaq continued listing requirements;
market and other conditions; and the ongoing geographic, social and
economic impact of the ongoing COVID-19 pandemic on the Company’s
ability to conduct its business and raise capital in the future
when needed. Given these risks and uncertainties, you are cautioned
not to place undue reliance on such forward-looking statements. For
a discussion of other risks and uncertainties, and other important
factors, any of which could cause the Company’s actual results to
differ from those contained in the forward-looking statements, see
the section titled “Risk Factors” in the Company’s Quarterly Report
on Form 10-Q filed with the SEC on May 16, 2022, as updated by the
Company’s subsequent filings with the Securities and Exchange
Commission. All information in this press release is as of the date
of the release, and the Company undertakes no duty to update this
information or to publicly announce the results of any revisions to
any of such statements to reflect future events or developments,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220629005749/en/
Media Contact: Karen Sharma MacDougall 781-235-3060
ksharma@macdougall.bio
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