Exicure, Inc. announced that the Board appointed Cheolho Jo and Seung Soo Shin to the Board, effective February 27, 2023. Mr. Jo will serve as a Class I director for a term expiring at the Company's 2024 annual meeting of stockholders, or until his successor has been duly elected and qualified, or until his earlier death, resignation or removal. Mr. Shin will serve as a Class II director for a term expiring at the Company's 2025 annual meeting of stockholders, or until his successor has been duly elected and qualified, or until his earlier death, resignation or removal.

Mr. Jo will serve on the Audit Committee of the Board. Mr. Shin will serve as the Chairman of the Board. Mr. Shin is affiliated with a major shareholder of CBI Co.

Reconstitution of Board Committees: As a result of the previously disclosed and above-mentioned changes to the Board and the closing of the Private Placement, the Company intends to rely on Nasdaq's controlled company exemptions from the requirements to have a majority independent board and the requirements with respect to independent compensation committees and independent nominating committees or functions. As a result, the committees of the Board were reconstituted effective February 27, 2023. The Audit Committee is comprised of Mr. Lee (chair), Mr. Ahn and Mr. Jo.

The Board determined that each of them satisfies the independence and other requirements of Nasdaq with respect to audit committee membership. The Compensation Committee and the Nominating and Corporate Governance Committee were dissolved.