Exicure, Inc.® (NASDAQ:XCUR), a pioneer in gene regulatory drugs utilizing spherical nucleic acid (SNA™) technology, today announced that it has entered into a definitive agreement with several institutional investors for the purchase and sale of 34,576,068 shares of the Company’s common stock (or common stock equivalents) and warrants to purchase up to an aggregate of 17,288,034 shares of the Company’s common stock, at an effective purchase price of $0.3326 per share of common stock (or common stock equivalent) and associated warrant, in a registered direct offering priced at-the-market under Nasdaq rules. The warrants have an exercise price of $0.2701 per share, are exercisable immediately and have a term of five years. The closing of the offering is expected to occur on or about December 16, 2021, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to the Company from this offering are expected to be approximately $11.5 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.
The securities described above are being offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-251555) previously filed with the Securities and Exchange Commission (the “SEC”) on December 21, 2020, and declared effective by the SEC on January 7, 2021. The offering of the securities is made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 865-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
