Business Context and Reporting Period
Company: Exicure, Inc. (XCUR)
Filing Type: Form 8-K (Current Report)
Date of Report: May 19, 2023
Event Date: May 17, 2023
Context: The Company is an emerging growth company listed on The Nasdaq Stock Market LLC. This filing addresses a regulatory compliance issue regarding the timely submission of periodic financial reports.
Key Financial Metrics
This Form 8-K is a current report regarding a listing compliance event and does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing explicitly notes that the Company is currently delinquent in filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023.
Material Changes
- Delinquency Notification: On May 17, 2023, Exicure, Inc. received a letter from Nasdaq notifying the Company of non-compliance with Listing Rule 5250(c)(1) due to the failure to timely file its Form 10-Q for the quarter ended March 31, 2023.
- Listing Status: The Company is currently at risk of delisting if compliance is not regained within the specified timeframe.
Guidance, Outlook, and Risks
- Compliance Plan: The Company has 60 calendar days to submit a plan to Nasdaq detailing how it intends to regain compliance.
- Extension Possibility: If Nasdaq accepts the plan, the Company may be granted an extension of up to 180 calendar days from the original due date, extending the deadline to November 13, 2023.
- Management Action: Management states it is working diligently to complete the Form 10-Q and intends to file it as soon as practicable.
- Risk: Failure to regain compliance could result in the delisting of the Company's common stock from The Nasdaq Stock Market.
Investor Verification Checklist
- Verify the status of the Form 10-Q for the quarter ended March 31, 2023, and confirm if it has been filed.
- Monitor for the submission of a compliance plan to Nasdaq within the 60-day window.
- Check for any subsequent communications from Nasdaq regarding the acceptance of the plan or the granting of an extension.
- Review the press release dated May 19, 2023 (Exhibit 99.1) for additional details on the Company's response.