Form 4: Sangsangin Sells Entire Exicure Stake

Sangsangin Investment & Securities Co., Ltd. reported the sale of 433,332 shares of Exicure, Inc. common stock at $8.71 per share, reducing its beneficial ownership to zero.

Summary

• Sangsangin Investment & Securities Co., Ltd., a 10% owner of Exicure, Inc. (XCUR), reported the disposition of common stock.
• The transaction involved the sale of 433,332 shares of Exicure, Inc. common stock.
• The shares were sold at a price of $8.71 per share.
• Following this transaction, Sangsangin Investment & Securities Co., Ltd. holds 0 shares of Exicure, Inc.
• The transaction was executed on December 8, 2025, under a Rule 10b5-1(c) plan.

Sentiment

Score: 3

Explanation: The complete divestment by a significant institutional investor (10% owner) is a strong negative signal, suggesting a lack of confidence in the company's future prospects. While the transaction was pre-planned (10b5-1), the decision to exit entirely is concerning.

Negatives

• A significant shareholder, Sangsangin Investment & Securities Co., Ltd., has sold its entire stake of 433,332 shares in Exicure, Inc.
• The complete divestment by a 10% owner could signal a lack of confidence in the company's future prospects.

Risks

• The complete divestment by a 10% owner could signal a lack of confidence in Exicure, Inc.'s future prospects from a significant institutional investor.
• Such a large sale could put downward pressure on the stock price.

Future Outlook

NA

Management Comments

• The Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.
• The filing of this Form 4 shall not be deemed an admission that the Reporting Person is, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owner of any securities of the Issuer it does not directly own.

Industry Context

This Form 4 filing details a specific insider transaction and does not provide broader industry context or trends.

Related Party Transactions

• Sangsangin Co., Ltd., as the majority shareholder of Sangsangin Investment & Securities Co., Ltd., may be deemed to beneficially own the shares reported.
• Mr. Jun Won Yoo, as the chief executive officer of Sangsangin Co., Ltd., may be deemed to beneficially own the shares beneficially owned by Sangsangin Co., Ltd.

Stakeholder Impact

• Shareholders: The complete divestment by a major institutional investor could lead to negative market sentiment and potential downward pressure on the stock price.
• Management: May face questions regarding the reasons for a significant shareholder's complete exit.

Key Dates

Recommendation

The complete divestment by a 10% owner, Sangsangin Investment & Securities Co., Ltd., signals a significant loss of confidence from a major institutional investor. While the transaction was executed under a Rule 10b5-1 plan, the decision to liquidate the entire position suggests a negative outlook on Exicure, Inc.'s future performance. This action by a sophisticated investor typically precedes or reflects underlying issues, making the stock a 'sell' for investors seeking to avoid potential downside.

Keywords

Exicure, XCUR, Sangsangin Investment & Securities, Sangsangin Co. Ltd., SEC Form 4, Insider Trading, Stock Sale, Beneficial Ownership, Institutional Investor, Rule 10b5-1