On October 31, 2022 Exicure, Inc. (the "Company") reported that entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") with CBI USA, Inc. ("CBI USA"), pursuant to which the Company agreed to issue and sell to CBI USA in a private placement an aggregate of 3,400,000 shares (the "Shares") of the Company’s common stock, par value $0.0001 per share (the "Common Stock"), at a purchase price of $1.60 per share (the "Private Placement") (Filing, 8-K, Exicure, OCT 31, 2022, View Source [SID1234622620]). On October 31, 2022, the Company and CBI USA entered into a Side Letter to Securities Purchase Agreement ("Side Letter"), pursuant to which the parties further confirmed and clarified certain agreements between the parties under the Securities Purchase Agreement, including, among other things, CBI USA’s rights to designate a majority of the Board of Directors of the Company immediately after the closing of the Private Placement and CBI USA’s ability to exercise such director designation rights together with its affiliates as a group, provided that such director designation rights are in compliance with Nasdaq Listing Rule 5640.

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