Exicure Stock Is Soaring After The Bell: What's Driving The Action?

Shares of low-float micro-cap stock Exicure Inc XCUR are rocketing higher in Wednesday’s after-hours session after the company announced that it received an extension from the Nasdaq Hearings Panel.

What Happened: After the market close, Exicure announced that it was granted an extension for continued listing on the Nasdaq exchange. The early-stage biotechnology company must now show compliance with all applicable criteria for continued listing on the Nasdaq by Nov. 14.

Exicure announced at the end of last week that it regained compliance with Nasdaq’s minimum bid price requirement and exchanged approximately $1 million of debt for equity at a conversion price of $3 per share.

The company on Wednesday said it’s diligently working to satisfy the remaining terms of the Nasdaq Panel’s requests in order to ensure Exicure’s continued listing.

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Exicure shares have more than doubled in extended trading and are now hitting new 52-week highs. Exicure is considered a low-float stock with just 1.118 million shares available for public trading, according to Benzinga Pro.

The company also had a market cap of less than $4 million as of Wednesday’s close.

Low-float, micro-cap stocks can be extremely volatile, which may help explain some of Wednesday’s outsized move.

XCUR Price Action: Exicure shares were up 206.55% in after-hours, trading at $7.10 at the time of publication Wednesday, according to Benzinga Pro.

Photo: Shutterstock.

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