CHICAGO, IL – Exicure , Inc. (NASDAQ:XCUR), a biopharmaceutical company specializing in pharmaceutical preparations, announced the recent appointments to its Audit Committee following changes to its Board of Directors. Chang Keun Choi and Minwoo Kang, who joined the company's Board on December 19, 2024, have taken on additional roles within the Audit Committee as of January 1, 2025. Minwoo Kang will serve as the Chair of the Audit Committee. The appointments come at a crucial time for the company, which has seen its stock surge over 853% in the past six months, according to InvestingPro data.
In a separate event, Exicure confirmed the receipt of $8.7 million from HiTron Systems Inc. This transaction, completed on December 24, 2024, was pursuant to the closing of a Common Stock Purchase Agreement between the two entities.
The company has stated that it will provide further updates as necessary. With a current ratio of 0.71, this capital injection could help address the company's short-term liquidity needs. InvestingPro subscribers have access to 14 additional key insights about Exicure's financial health and market position.
Exicure, headquartered in Chicago and incorporated in Delaware, operates under the name 03 Life Sciences, with a fiscal year ending on December 31. The company, previously known as Max-1 Acquisition Corp, underwent a name change on February 21, 2017. Exicure's common stock is traded on The Nasdaq Stock Market under the symbol XCUR.
The company's focus on pharmaceutical preparations aligns with its commitment to innovation in the biopharmaceutical sector. The appointments of Choi and Kang are expected to strengthen the company's governance, particularly in financial oversight, given their new positions on the Audit Committee.
In other recent news, Exicure, Inc., a pharmaceutical company, has made significant strides in its financial and corporate structure. The company has successfully bolstered its stockholders' equity to about $4.3 million, potentially meeting Nasdaq's minimum equity requirement for continued listing. To achieve this, Exicure sold shares to HiTron Systems Inc. and SangSangIn Investment & Securities Co., Ltd., raising millions in net proceeds.
Exicure has also made key changes to its board, appointing Andy Yoo and Seung Ik Baik as new directors. Yoo, the CEO of HiTron, has additionally been named the Chief Restructuring Officer of Exicure. These appointments followed the closure of a Purchase Agreement with HiTron Systems Inc., which also provided Exicure with $1.3 million in funding.
The company has been granted extensions by the Nasdaq Hearings Panel to continue its listing on the exchange, with the requirement to demonstrate compliance by December 17, 2024. To meet these requirements, Exicure has converted approximately $1,000,000 of debt into equity and implemented a 1-for-5 reverse stock split.
Additionally, Exicure entered into two significant debt-for-equity exchange agreements with DGP Co., Ltd., and an individual note holder, further helping the company regain compliance with Nasdaq's minimum bid price requirement. Despite these efforts, the company faces significant financial challenges, as noted by InvestingPro.
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