Aslan Pharmaceuticals Decides to File for Voluntary Liquidation; Shares Plunge

MT Newswires Live07-17

ASLAN Pharmaceuticals (ASLN) shares fell nearly 43% in recent trading Wednesday after its board decided that the company could no longer continue its business due to its liabilities and resolved to apply for liquidation under Cayman law procedures.

The board resolution followed the filing of voluntary liquidation Wednesday by Aslan's Singapore unit and the termination of all employees in both the Singapore and US units, effective immediately, according to Aslan.

The company said its Singapore unit appointed Quantuma as liquidator.

Aslan also said it expects its American depositary shares to be suspended from trading on Nasdaq, with trading to be moved to the over-the-counter market. The company said Monday it had received a staff delisting determination from Nasdaq due to failure to meet continued listing requirements.

Price: 0.63, Change: -0.48, Percent Change: -42.88

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