CHICAGO - Exicure , Inc. (NASDAQ:XCUR), a biotechnology firm, announced Tuesday that it has received an extension from the Nasdaq Hearings Panel to remain listed on the Nasdaq Capital Market. The company must demonstrate compliance with all listing criteria by November 14, 2024, to maintain its status on the exchange.
The announcement follows Exicure's recent actions to meet the Nasdaq's minimum bid price requirement. In an effort to address its financial challenges, the company converted approximately $1,000,000 of debt into equity at a price of $3.00 per share.
Exicure, historically engaged in developing nucleic acid therapies, has halted its clinical and development activities and is currently evaluating strategic alternatives to enhance stockholder value. These alternatives may involve leveraging its biotechnology assets or other opportunities.
The company's efforts to comply with the Nasdaq's listing requirements are ongoing, and there is no guarantee of meeting the Panel's criteria within the stipulated timeframe. Exicure has cautioned that there are risks involved, including the possibility of not rectifying existing listing deficiencies or encountering new ones, which could lead to delisting from the Nasdaq.
This news is derived from a press release issued by Exicure, Inc. and does not include speculative statements or assessments of the company's prospects. The information presented is focused on the recent developments concerning Exicure's Nasdaq listing status and its financial restructuring efforts.
In other recent news, Exicure, Inc., a pharmaceutical company, has entered into two significant debt-for-equity exchange agreements to satisfy its debts in full, including accrued and unpaid interest. The company also announced a 1-for-5 reverse stock split to regain compliance with Nasdaq's listing requirements. This move reduced the total number of outstanding shares from approximately 8.65 million to about 1.73 million, while maintaining the same percentage ownership.
Exicure has been granted an extension by the Nasdaq Hearings Panel to meet the continued listing requirements by September 16, 2024, despite facing challenges due to filing delays. In addition, the company adjourned its Special Meeting of Stockholders due to insufficient votes to reach a quorum, urging stockholders to cast their votes promptly.
At a recent annual meeting of stockholders, all four director nominees were elected to the board and the appointment of Marcum LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified. These developments come as Exicure suspends clinical and development activities and explores strategic alternatives to enhance stockholder value. The company's future listing depends on its ability to rectify the current deficiencies and meet the Panel's conditions within the specified timeframe.
InvestingPro Insights
Amidst the recent developments with Exicure, Inc. (NASDAQ:XCUR), the company's financial metrics and market performance offer additional context for investors monitoring its compliance journey with the Nasdaq's listing criteria. According to InvestingPro data, Exicure has a market capitalization of approximately $4.05 million, underscoring its status as a small-cap biotech player. The company's recent price volatility is reflected in its significant one-week price total return of 42.58%, which aligns with one of the InvestingPro Tips highlighting Exicure's tendency to trade with high price volatility.
On the financial front, Exicure's revenue for the last twelve months as of Q2 2024 stands at $0.5 million, with a notable gross profit margin of 100%. However, the company's operating income margin during the same period was -1193.2%, indicating substantial operational losses relative to its revenue. This financial strain is further evidenced by the company's negative EBITDA growth of -236.18% for the same timeframe.
InvestingPro Tips also suggest that analysts are not optimistic about Exicure's profitability in the near term, and the company has not been profitable over the last twelve months. Additionally, Exicure does not pay a dividend, which may influence the investment decisions of income-focused shareholders. For those interested in a deeper analysis, InvestingPro offers a comprehensive list of additional tips to help investors navigate the complexities of Exicure's financial health and market performance.
As Exicure continues to seek strategic alternatives to enhance shareholder value and maintain its Nasdaq listing, these InvestingPro data points and tips provide valuable insights into the company's financial standing and market dynamics. For further information and tips on Exicure, investors can visit https://www.investing.com/pro/XCUR, where a total of 11 additional InvestingPro Tips are available.
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