Exicure receives Nasdaq notice of delisting determination

Exicure announced it received notice of a delisting determination from the Listing Qualifications Department of The Nasdaq Stock Market LLC. The Staff Delisting Determination notified the Company that since it has not yet filed its Form 10-K for the year ended December 31, 2023 per Nasdaq Listing Rule 5250(c)(1) by Nasdaq’s extended deadline of May 20, 2024 pursuant to the previously granted exception, trading of the Company’s common stock would be suspended from The Nasdaq Capital Market at the opening of business on May 30, 2024, unless the Company requests an appeal of the Staff Delisting Determination by May 28, 2024. In addition, unless an appeal is timely requested, a Form 25-NSE would be filed with the Securities and Exchange Commission, which would remove the Company’s securities from listing and registration on Nasdaq. In addition to the delinquency related to the Form 10-K, the Staff Delisting Determination noted the Company’s delinquency under the Rule because of its failure to file its Form 10-Q for the first quarter of 2024 and the Company’s continued delinquency under Rule 5620 because it has not held its 2023 Annual Meeting of Stockholders, each as an additional and separate basis for delisting that should be addressed in any appeal. The Company intends to file an appeal to Nasdaq’s Hearings Panel by the May 28, 2024 deadline and subsequently submit its plan to regain compliance with all applicable listing requirements. This request for an appeal, if timely submitted, would automatically stay the suspension of trading in the Company’s securities for a period of 15 days from the date of the request. The Company intends to seek an extended stay pending the hearing, although no assurance can be provided that such an extension would be granted.