On May 17, 2023, CBI USA Inc announced that it has sent a letter to Exicure Inc, stating that it believes that without a recomposed board with strong accountability there is a significant chance that the Company will have to file bankruptcy and the value destruction for the shareholders may become irreparable, and proposing that each of Cheolho Jo, Chang-il Ahn and Jung-Sang Kim resign due to their continuing failure to act in the interests the Company and the stockholders and be replaced by its proposed bard nominees. In addition, CBI USA stated that if the Company continue to arbitrarily refuse the request it has made for shareholder representation, it will promptly pursue all available legal options, and expressly reserve the right to seek all remedies available to us under the law and at equity and under the SPA, and immediately take whatever actions it feels is necessary to protect the value of the Company.