---
schema_version: "secwatch.filing_event.v1"
accession: "0001698530-23-000016"
form_type: "8-K"
ticker: "XCUR"
cik: "0001698530"
company_name: "EXICURE, INC."
filed_at: "2023-02-24T23:59:59+00:00"
generated_at: "2026-06-19T00:49:35.264840+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Exicure Receives Nasdaq Delisting Notices, Appoints Three New Directors, Closes Private Placement

## Summary
- On Feb 21, 2023, Exicure received Nasdaq notice for non-compliance with compensation committee requirements due to resignation of Jeffrey L. Cleland.
- Exicure also received second Nasdaq notice for non-compliance with independent director and audit committee requirements; must submit compliance plan within 45 days.
- Effective Feb 24, 2023, board appointed Paul Kang, Hyukku Lee, and Changil Ahn as directors; Elizabeth Garofalo resigned.
- Private placement with CBI closed on Feb 24, 2023, issuing 3,400,000 shares at $1.60 per share.
- Company believes it can rely on Nasdaq's controlled company exemption for some requirements.

## SEC filing metadata
- accession: 0001698530-23-000016
- form_type: 8-K
- ticker: XCUR
- cik: 0001698530
- company_name: EXICURE, INC.
- filed_at: 2023-02-24T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 3.01, 7.01, 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1698530/000169853023000016/0001698530-23-000016-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1698530/000169853023000016/xcur-20230221.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001698530-23-000016
- JSON: https://secwatch.observer/filing/0001698530-23-000016.json
- Plain text: https://secwatch.observer/filing/0001698530-23-000016.txt

## Key facts
- Listing & Compliance Notices
  EXICURE, INC. received a nasdaq deficiency notice notice regarding board independence (rules 5605, 5605(d)(4)).
  - Exchange: nasdaq
  - Notice: deficiency notice
  - Deficiency: board independence
  - Rules: 5605, 5605(d)(4)
  source text: February 21, 2023, Exicure, Inc. (the “Company”) received notice from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company is no longer in compliance with Nasdaq’s compensation committee requirements as set forth in Nasdaq Listing Rule 5605 as a result of the previously disclosed resignation of Jeffrey L. Cleland, Ph.D., effective February 10, 2023 . Nasdaq Rule 5605 requires the compensation committee of the board of directors to be comprised of at least two independent directors (the “Listing Requirement for Compensation Committee”). Pursuant to Nasdaq Listing Rules 5605(d)(4), the Compan
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698530/000169853023000016/0001698530-23-000016-index.htm
- Executive change
  Changil Ahn was appointed as Class III Director at EXICURE, INC..
  - Action: appointed
  - Role: Class III Director
  source text: the Board appointed Paul Kang, Hyukku Lee and Changil Ahn to the Board effective February 24, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698530/000169853023000016/0001698530-23-000016-index.htm
- Executive change
  Paul Kang was appointed as Class III Director at EXICURE, INC..
  - Action: appointed
  - Role: Class III Director
  source text: the Board appointed Paul Kang, Hyukku Lee and Changil Ahn to the Board effective February 24, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698530/000169853023000016/0001698530-23-000016-index.htm
- Executive change
  Elizabeth Garofalo resigned as Director and Chair of the Board at EXICURE, INC..
  - Action: resigned
  - Role: Director and Chair of the Board
  source text: Effective February 24, 2023, following closing of the Private Placement, Elizabeth Garofalo, M.D. resigned from the Board of Directors (the “Board”) of Exicure, Inc. (the “Company”) and as chair of the Board as well as from the audit committee, compensation committee and nominating and corporate governance committee of the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698530/000169853023000016/0001698530-23-000016-index.htm
- Executive change
  Hyukku Lee was appointed as Class II Director at EXICURE, INC..
  - Action: appointed
  - Role: Class II Director
  source text: the Board appointed Paul Kang, Hyukku Lee and Changil Ahn to the Board effective February 24, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1698530/000169853023000016/0001698530-23-000016-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.