Aslan Pharmaceuticals receives Nasdaq delisting determination, will not appeal

ASLAN Pharmaceuticals announced that on July 9, 2024, the Company was notified by the staff of the Listing Qualifications Department of The Nasdaq Stock Market that, based upon the Company’s non-compliance with the $1.00 bid price and $2.5 million stockholders’ equity requirements for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rules 5550(a)(2) and 5550(b)(1), respectively, the Staff had determined to delist the Company’s securities from Nasdaq. Upon consideration by the Company’s board of directors, the Company has determined not to request a hearing before the Nasdaq Hearings Panel. As previously disclosed, on January 5, 2024, the Staff notified the Company that the bid price for the Company’s American Depositary Shares had closed below the minimum $1.00 threshold for the previous 30 consecutive business days. In accordance with the Nasdaq Listing Rules, the Company was provided a 180 calendar day period, through July 3, 2024, to regain compliance with the bid price requirement. As also disclosed, on April 18, 2024, the Staff notified the Company that it no longer satisfied the stockholders’ equity requirement of $2.5 million, and the Company was provided with the opportunity to address the deficiency and submit a compliance plan for the Staff’s review, which the Company timely submitted. As previously disclosed, effective July 3, 2024, the Company changed the ratio of its ordinary shares, par value $0.01 per share, from one ADS representing twenty-five ordinary shares to one ADS representing two hundred ordinary shares, which resulted in a closing price in excess of $1.00 per ADS. As of the date of this press release, the bid price for the Company’s ADSs closed above the minimum $1.00 threshold for five consecutive business days. In order to evidence full compliance, the Company’s bid price must close at or above $1.00 per ADS for a minimum of ten, though generally not more than, 20 consecutive business days.