CHICAGO - Exicure (NASDAQ:XCUR), Inc., a pharmaceutical company specializing in preparations, announced the results of its combined 2024 and 2023 Annual Meeting of Stockholders, which took place on Thursday.
Shareholders voted on several key proposals, including the election of directors and the ratification of the company's independent auditor.
In a display of shareholder confidence, all four director nominees were elected to the board. Two Class III directors, Paul Kang and Hyuk Joon (Raymond) Ko, will serve until the 2026 Annual Meeting, while Jiyoung Hwang and Dongho Lee, as Class I directors, will extend their service until the 2027 Annual Meeting. The election results showed strong support for all candidates, with the lowest number of votes withheld being 138,279 for Paul Kang.
Additionally, the stockholders ratified the appointment of Marcum LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The proposal passed with an overwhelming majority of 4,504,318 votes in favor, 18,965 against, and a mere 4,176 abstentions, indicating robust approval from the company's investors.
A non-binding advisory vote on the company's named executive officer compensation also received approval, with 4,356,290 votes for, 153,415 against, and 17,754 abstentions. Furthermore, shareholders recommended that future advisory votes on executive compensation occur annually, with 4,499,406 votes endorsing the one-year frequency.
Following the stockholders' recommendation, Exicure has committed to holding an advisory vote on executive compensation every year until the next required vote on the frequency of such votes.
Exicure, based in Chicago, operates under the leadership of CEO Paul Kang. With its focus on pharmaceutical preparations, the company is poised to continue its efforts in the healthcare sector, guided by the newly elected members of its board of directors and the affirmed support of its stockholders.
This news is based on the latest 8-K filing by Exicure, Inc. with the Securities and Exchange Commission.
In other recent news, biotechnology firm Exicure, Inc. is facing potential delisting from the Nasdaq Stock Market LLC due to filing delays. The company has not submitted its annual report for 2023 and the first quarter report for 2024 by the extended deadline, causing the Nasdaq Listing Qualifications Department to issue a notice of suspension and delisting. Additionally, Exicure has not held its Annual Meeting of Stockholders for 2023, further contributing to the delisting notice.
The suspension of trading on The Nasdaq Capital Market is set to commence soon, unless Exicure appeals. Despite the looming suspension, Exicure's management is actively working to complete and file the overdue Form 10-K and the Q1 Form 10-Q. Concurrently, the company is considering strategic alternatives to enhance stockholder value, following the suspension of its clinical and development activities.
InvestingPro Insights
In the context of Exicure's recent stockholder meeting outcomes, it is worth noting that the company's financial standing and market performance present a challenging picture. According to real-time data from InvestingPro, Exicure's market capitalization stands at a modest $2.83 million, reflecting the small scale of the company within the pharmaceutical industry. The company's revenue for the last twelve months as of Q1 2024 was reported at $0.5 million, with a stark revenue decline of -98.1% from the previous period. Moreover, the gross profit margin remains at 100%, indicating that while Exicure is able to maintain the cost of goods sold at a minimum, the significant revenue drop poses a major concern.
InvestingPro Tips highlight several critical points for investors to consider. Management's aggressive share buybacks suggest confidence in the company's future, yet the company is expected to see a drop in net income this year. Additionally, the company's short-term obligations outweighing its liquid assets and a lack of profitability over the last twelve months raise questions about its financial health. With the stock trading near its 52-week low and showing a substantial price decline over the last month, three months, and year, investors may exercise caution.
For those interested in a deeper analysis, InvestingPro offers a comprehensive list of tips, including more detailed financial metrics and future projections for Exicure. Subscribers can access these insights to better understand the risks and opportunities associated with the company's stock. For a limited time, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing you with an array of additional InvestingPro Tips to inform your investment decisions.
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