공시 • Jun 30
Exicure Announces Receipt of Nasdaq Notice of Non-Compliance
Exicure, Inc. announced that as previously disclosed in the Current Report on Form 8-K filed on January 5, 2022 by the company with the U.S. Securities and Exchange Commission (the “SEC”), on December 30, 2021, the Company received a letter from the staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it was not in compliance with Nasdaq Listing Rule 5550(a)(2), as the closing bid price of the Company’s common stock was below $1.00 per share for the previous thirty (30) 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, or until June 28, 2022, to regain compliance with the Bid Price Requirement. In order to have regained compliance, the closing bid price of the Company’s common stock would have had to meet or exceed $1.00 per share for at least ten (10) consecutive business days during the 180-calendar day grace period. During such compliance period, the closing bid price of the Company’s common stock did not satisfy the Bid Price Requirement. As a result, on June 29, 2022, the Company received another notice from Nasdaq (the “Letter”) stating that the Company has not regained compliance with the Bid Price Requirement during the compliance period. The Letter also noted that the Company is not eligible for a second 180-calendar day grace period, as the Company does not currently comply with Nasdaq Listing Rule 5505(b), which requires a minimum of $5,000,000 in stockholders’ equity for initial listing on Nasdaq, among other Nasdaq listing criteria. Pursuant to the Letter, unless the Company requests a hearing to appeal this determination with a Nasdaq Hearing Panel (the “Panel”) by July 6, 2022 (the “Hearing Request Date”), the Company’s common stock will be delisted from The Nasdaq Capital Market, trading of the Company’s common stock will be suspended at the opening of business on July 8, 2022, and a Form 25-NSE will be filed with the SEC, which will remove the Company’s common stock from listing and registration on The Nasdaq Capital Market. While an appeal process is pending, the suspension of trading of the Company’s common stock would be stayed, and the Company’s common stock would continue to trade on The Nasdaq Capital Market until the hearing process concludes and the Panel issues a written decision. Effective at 5:00 p.m. Eastern Time on June 29, 2022, the Company will implement a reverse stock split of its common stock at a ratio of one-for-thirty (1-for-30) reverse stock split of its outstanding common stock, as further discussed under Item 5.03 below, which the Company hopes will assist the Company in regaining compliance with the Bid Price Requirement. The Company plans to timely request a hearing before the Panel. The Company intends to monitor the closing bid price for its common stock, and will consider other available options to resolve its non-compliance with the Bid Price Requirement. Assuming the Company is able to regain compliance with the Bid Price Requirement prior to or following the hearing, the Company intends to request that the Nasdaq staff confirm the Company’s compliance with the Bid Price Requirement. There can be no assurance that the Company will regain compliance with the Bid Price Requirement, and that if the Company does not regain compliance with all Nasdaq listing standards and requests a hearing with the Panel, that the Panel will grant the Company’s request for a suspension of delisting or continued listing on The Nasdaq Capital Market. In addition, in the event that the Company regains compliance with the Bid Price Requirement, there can be no assurance that the Company will be able to comply with Nasdaq’s other listing standards.