CBI USA, Inc. - 23 Jun 2023 Form 4 Insider Report for EXICURE, INC. (XCUR)

Role: 10%+ Owner
Signature: CBI USA, INC. By: /s/ Kyungwon Oh Name: Kyungwon Oh Title: Chief Executive Officer
Issuer symbol: XCUR
Transactions as of: 23 Jun 2023
Net transactions value: -$10,880,000
Form type: 4
Filing time: 27 Jun 2023, 18:20:10 UTC
Previous filing: 09 Mar 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	XCUR	Common Stock	Conversion of derivative security	$5,440,000	-3,400,000	-81%	$1.60	818,299	23 Jun 2023	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	XCUR	CBI USA, Inc. 1st Bearer-type Interest Unsecured Private	Conversion of derivative security	$5,440,000				0	23 Jun 2023	Common Stock	3,400,000	$1.60	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On February 22, 2023, Reporting Person obtained loan from an affiliate ("Lender") in the form of an exchangeable bond in the principal amount of $5,440,000, which represented an obligation to sell. On June 23, 2023, Lender exercised the option to exchange the bond for 3,400,000 shares of Common Stock (at fixed conversion price of $1.60 per share).