On June 29, 2022 Exicure, Inc. (NASDAQ: XCUR), an early-stage biotechnology company focused on the development of next generation nucleic acid therapies targeting RNA to address both genetic and non-genetic neurological disorders and hair loss disorders, reported that, following the implementation of a one-for-thirty reverse stock split at 5:00 p.m. EDT today, the Company’s common stock will begin trading on a split-adjusted basis on Nasdaq effective with the open of business tomorrow, Thursday, June 30, 2022 (Press release, Exicure, JUN 29, 2022, View Source [SID1234616394]). The Company’s common stock will continue to trade under the ticker symbol "XCUR". The new CUSIP number for the post-reverse split common shares is 30205M 200. The Company is implementing the reverse stock split in an effort to regain compliance with Nasdaq’s minimum bid price requirement of $1.00 per share.
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As a result of the reverse stock split, every thirty pre-split shares of common stock outstanding will be automatically combined and converted into one issued and outstanding share of common stock, without any change in the par value per share. No fractional shares of the Company’s common stock will be issued to any stockholders in connection with the reverse stock split. Holders of record will receive a cash payment in lieu of fractional shares.
Stockholders of record will receive information regarding their share ownership from the Company’s transfer agent, American Stock Transfer & Trust Company, LLC. AST can be reached at (877) 248-6417 or (718) 921-8337.
As previously disclosed, on December 30, 2021, Nasdaq notified the Company that it no longer satisfied the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2), as the bid price for the Company’s common stock had closed below $1.00 per share for the previous thirty 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, through June 28, 2022, to regain compliance with the Bid Price Requirement. The Company did not do so within the time provided and, on June 29, 2022, was notified that the Company’s securities were subject to delisting unless the Company timely requested a hearing before the Nasdaq Hearings Panel (the "Panel"). The Company plans to timely request a hearing before the Panel, which will stay any further action by Nasdaq at least until the conclusion of the hearing process.
In any event, should the Company evidence compliance with the Bid Price Requirement for the requisite minimum ten-consecutive business day period prior to or following the hearing, the Company will request that Nasdaq issue a compliance determination, in which case the listing matter will be closed.