Business Context and Reporting Period
Company: Exicure, Inc. (XCUR)
Filing Type: Form 8-K (Current Report)
Date of Report: November 28, 2023
Event Date: November 22, 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 text does not provide a clear value for any financial metrics.
Material Changes
The material change reported is the receipt of a delinquency notification letter from Nasdaq on November 22, 2023. The Company is currently non-compliant with Nasdaq Listing Rule 5250(c)(1) due to a delay in filing its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023.
Guidance, Outlook, and Risks
- Compliance Timeline: The Company has 60 calendar days to submit a plan to regain compliance. If accepted, Nasdaq may grant an extension of up to 180 calendar days from the original due date, or until May 20, 2024.
- 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 within the specified timeframe could result in delisting from The Nasdaq Stock Market.
Investor Verification Checklist
- Verify the status of the Form 10-Q for the quarter ended September 30, 2023, and its expected filing date.
- Monitor the Company's submission of a compliance plan to Nasdaq within the 60-day window.
- Confirm whether Nasdaq accepts the compliance plan and grants the potential extension to May 20, 2024.
- Review the press release (Exhibit 99.1) for any additional details on the delay not included in the 8-K text.