CBI Plans Additional Acquisition of Shares in Nasdaq-Listed Exicure

[Asia Economy Reporter Jang Hyowon] CBI, a company listed on KOSDAQ, announced on the 20th that following its investment of $4.75 million (approximately 6.1 billion KRW) in May to acquire a 16.5% stake in Exicure (Nasdaq: XCUR), a Nasdaq-listed company, it has additionally signed a subscription agreement (main contract) to participate in Exicure's paid-in capital increase through its U.S. subsidiary, CBI USA.

According to the stock purchase agreement, CBI USA will acquire an additional 3.4 million common shares from Exicure at $1.60 per share, totaling $5.44 million (approximately 7.1 billion KRW). The payment deadline is January 20, 2023, and if the payment proceeds smoothly without extension, CBI USA is expected to acquire a 50.44% stake.

Since last year, CBI has diversified its business by starting investments in Kineta and actively investing in the bio sector. As a major shareholder, it successfully played a key bridging role in the merger with Yumanity through strategic activities, and was listed on the Nasdaq exchange under the code name ‘KA’ on the 19th.

CBI stated, “This equity acquisition has served as a solid core pillar that not only ensures stable performance growth driven by increased sales of automotive materials and parts, our core business, but also achieves both external growth and financial stability through sustained profitability. As the largest shareholder of two Nasdaq-listed bio companies with proven global-level technological competitiveness, rapid growth based on profitability is expected in the U.S. bio business going forward.”