CHICAGO - Exicure , Inc. (NASDAQ:XCUR), a biotechnology firm, announced today that its Special Meeting of Stockholders has been adjourned once more due to insufficient votes to reach a quorum. The meeting, originally set for August 15, 2024, and reconvened on Monday, will now take place on August 20, 2024, at 9:00 a.m. Central Time.
The company reported that proxies representing approximately 49.7% of outstanding shares were submitted, falling short of the majority needed for a quorum. The Special Meeting's agenda is based on proposals outlined in the definitive proxy statement filed with the SEC on July 30, 2024.
Exicure has encouraged stockholders who have not yet cast their votes to do so promptly via the Internet or by phone, using the control number from their proxy card. Stockholders who have already voted do not need to take further action unless they choose to change their vote.
The reconvened Special Meeting will be held virtually through a live audio-only webcast, accessible to stockholders on the company's designated website. The record date for determining stockholders eligible to vote remains July 26, 2024.
This announcement follows Exicure's recent restructuring, including the suspension of clinical and development activities. The company is currently exploring strategic alternatives to enhance stockholder value, which may involve its historical biotechnology assets or other opportunities.
The information in this article is based on a press release statement from Exicure, Inc.
In other recent news, Exicure, Inc., a biotechnology firm, faces potential delisting from the Nasdaq Stock Market due to filing delays. The company has been granted an extension by the Nasdaq Hearings Panel to meet the continued listing requirements by September 16, 2024. However, it is yet to submit its annual report for 2023 and the first-quarter report for 2024, causing further complications. Amid these developments, Exicure's management is actively working to complete and file the overdue reports.
In a move to enhance stockholder value, Exicure has recently undergone operational changes, including a halt in clinical and development activities and a strategic review. The company also held its combined 2024 and 2023 Annual Meeting of Stockholders, where all four director nominees were elected to the board and the appointment of Marcum LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified.
These are the recent developments involving Exicure, Inc. While the company's future listing depends on its ability to rectify the current deficiencies, it remains committed to fulfilling the Panel's conditions within the specified timeframe and maximizing shareholder returns through strategic alternatives.
InvestingPro Insights
In light of Exicure, Inc.'s (NASDAQ:XCUR) ongoing challenges, including the adjournment of its Special Meeting of Stockholders due to insufficient votes, investors are closely monitoring the company's financial health and market performance. InvestingPro data provides a snapshot of Exicure's current standing in the market:
- The company's market capitalization stands at a modest $3.22 million, reflecting the scale of its operations and investor valuations.
- Exicure's price-to-earnings (P/E) ratio is negative, at -0.39, indicating that the company is not currently generating profits, a sentiment echoed by the adjusted P/E ratio for the last twelve months as of Q2 2024, which is -0.43.
- The firm's revenue has experienced a sharp decline, with a staggering -97.9% growth rate over the last twelve months as of Q2 2024, aligning with the company's recent suspension of clinical and development activities.
InvestingPro Tips suggest that Exicure's stock has been under considerable pressure:
- The stock has seen a significant hit over the last week, with a price total return of -27.94%.
- Analysts do not anticipate the company will be profitable this year, which may contribute to the stock's high price volatility.
For investors seeking a deeper dive into Exicure's performance and future outlook, InvestingPro offers additional insights. There are 10 more InvestingPro Tips available, providing a comprehensive analysis for those considering an investment in the company. These tips can be accessed through the dedicated InvestingPro product page for Exicure at https://www.investing.com/pro/XCUR.
As Exicure navigates its restructuring and searches for strategic alternatives, these InvestingPro Insights may prove invaluable to stockholders and potential investors looking to make informed decisions in a volatile market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.