Exicure Signs Equity-Financing Deals With HiTron Systems

Dow Jones

Nov 15, 2024

By Connor Hart

Exicure has inked two equity-financing deals, receiving $10 million in exchange for a controlling interest in the company.

The Chicago biotechnology company will receive $1.3 million from HiTron Systems, a South Korean security-systems provider, for 433,333 shares of its common stock. Upon the deal's closing, HiTron will have the right to appoint two nominees to the Exicure's board, subject to certain conditions, it said Thursday.

Separately, Exicure will sell an additional 2.9 million shares of its common stock to HiTron, also for $3 apiece, or $8.7 million. Upon closing of this subsequent investment, HiTron will have the right to appoint additional nominees in proportion to its equity interest.

Shares edged 1.3% lower, to $3.14, in after-hours trading.

The company, which previously received an extension to show compliance with all applicable listing criteria by Nov. 14, believes it will meet these requirements following its equity-financing deals.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

November 14, 2024 18:13 ET (23:13 GMT)

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