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Exicure, Inc. Announces Closing of Private Placement Transaction with CBI USA, Inc. and Changes to the Board of Directors
CHICAGO--(BUSINESS WIRE)-- Exicure, Inc. (NASDAQ: XCUR), an early-stage biotechnology company historically focused on developing nucleic acid therapies
About this update from Exicure, Inc.
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nExicure, Inc. (NASDAQ: XCUR), an early-stage biotechnology company historically focused on developing nucleic acid therapies targeting ribonucleic acid against validated targets, today announced the closing of the previously-announced private placement transaction with CBI USA, Inc. (“CBI USA”) effective February 24, 2023. In connection with the closing of the private placement transaction, Exicure also announced changes to its Board of Directors (the “Board”).\n\nClosing of Private Placement Transaction with CBI USA\n\nAs previously disclosed, on September 26, 2022, Exicure entered into a securities purchase agreement (the “Securities Purchase Agreement”) with CBI USA, pursuant to which Exicure agreed to issue and sell to CBI USA in a private placement an aggregate of 3,400,000 shares of Exicure’s common stock, par value $0.0001 per share, at a purchase price of $1.60 per share (the “Private Placement”).\n\nFollowing the satisfaction of closing conditions, including the approval of the Private Placement by stockholders of Exicure at a Special Meeting of Stockholders dated December 15, 2022, Exicure and CBI USA closed the Private Placement on February 24, 2023. Exicure received gross proceeds of approximately $5.4 million in connection with the close of the Private Placement and expects to use the proceeds for general working capital purposes.\n\nFollowing the closing of the Private Placement, CBI USA became Exicure’s majority shareholder, owning approximately 50.4% of Exicure’s outstanding shares of common stock, resulting in a “change of control” of Exicure under the applicable rules of Nasdaq.\n\nChanges to the Board of Directors\n\nIn connection with the closing of the Private Placement and pursuant to CBI USA’s rights under the Securities Purchase Agreement, the Board appointed three CBI USA nominees to the Board, as follows: Paul Kang, Chang-il Ahn, and Hyuk-ku Lee.\n\nFollowing the appointment of Mr. Kang, Mr. Ahn, and Mr. Lee, Elizabeth Garofalo, M.D. tendered her resignation from the Board and as Chair of the Board, as well as from the Audit Committee, Compensation Committee and Nominating and Governance Committee of the Board, effective February 24, 2023.\n\n“On behalf of the Board and the Exicure organization, I would like to thank Betsy for all her contributions to the Company and wish he...