Exicure Inc. acquired Max-1 Acquisition Corporation (‘Max-1’) on September 26, 2017. Post transaction, Max-1 changed its name to Exicure, Inc. and will continue the historical business of Exicure. The transaction was structured as the acquisition by Max-1 of Exicure. Each outstanding share of Exicure common and preferred stock (other than shares of Series C preferred stock) issued and outstanding immediately prior to the closing of the merger will be converted into 0.49649 shares of the common stock of Max-1, and each outstanding share of Exicure Series C preferred stock issued and outstanding immediately prior to the closing of the merger will be converted into 0.7666652 shares of Max-1 common stock. As a result, an aggregate of 26,666,627 shares of Max-1 common stock were issued to the holders of Exicure capital stock after adjustments due to rounding for fractional shares. In addition, pursuant to the merger agreement options to purchase 7,414,115 shares of Exicure common stock issued and outstanding immediately prior to the closing of the merger were assumed and converted into options to purchase 3,680,997 shares of Max-1 common stock. Exicure is considered the accounting acquirer in the merger and will account for the transaction as a capital transaction because Exicure former stockholders received substantially all of the voting rights in the combined entity and Exicure senior management represents all of the senior management of the combined entity. Concurrently, Max-1 Acquisition sold 6,767,360 shares of its common stock pursuant to an initial closing of a private placement offering for up to 13,333,333 shares of common stock at a purchase price of $3 per share. Previous members of Exicure's Board of Directors Chad A. Mirkin, Shad Thaxton, David R. Walt, Jay R. Venkatesan, Helen S. Kim and David A. Giljohann, will remain as directors of Exicure. Immediately following the closing of the merger, David A. Giljohann was appointed as the Chief Executive Officer of the combined firm, David S. Snyder was appointed as Chief Financial Officer, and Ekambar Kandimalla was appointed as Chief Scientific Officer. David A. Giljohann will serve as the principal executive officer and David S. Snyder will serve as the principal financial and accounting officer for SEC reporting purposes. The transaction is subject to consents of Board of Directors and shareholders of Exicure, approval by the Board of Directors of Max-1, execution and delivery of lock-up agreements with certain shareholders and completion of all necessary legal due diligence. Sidley Austin LLP served as the legal advisor to Exicure while Mitchell Silberberg & Knupp, LLP served as the legal advisor to Max-1. Mitchell Silberberg & Knupp was paid fees of up to $170,000 for the services provided in connection with the transaction. Douglas MacDougall from MacDougall Biomedical Communications served as the public relations contact on the deal for Max-1. Exicure Inc. completed the acquisition of Max-1 Acquisition Corporation on September 26, 2017.