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Exicure, Inc. Announces Shareholders Approve the $8.7 Million Equity Financing and Reports Executive Management and Board Changes
Friday, 20th December at 4:42 pm
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, on 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 two officers to 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 entered into a Common Stock Purchase Agreement with SangSangIn Investment & Securities Co., Ltd. ("SangSang"), pursuant to which the Company agreed to issue and sell to SangSang 433,332 shares of the Company's common stock, par value $0.0001 per share (the "Common Stock"), at a purchase price of $4.61 per share. The Company received aggregate net proceeds of approximately $2 million on December 12, 2024.
Friday, 20th December at 4:42 pm
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, on 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 two officers to 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 entered into a Common Stock Purchase Agreement with SangSangIn Investment & Securities Co., Ltd. ("SangSang"), pursuant to which the Company agreed to issue and sell to SangSang 433,332 shares of the Company's common stock, par value $0.0001 per share (the "Common Stock"), at a purchase price of $4.61 per share. The Company received aggregate net proceeds of approximately $2 million on December 12, 2024.
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