SAN MATEO, California and SINGAPORE – ASLAN Pharmaceuticals (NASDAQ:ASLN), a company specializing in immunology-focused treatments, has been made aware of a non-compliance issue with Nasdaq’s continuous listing requirements. The notification, received on April 18, 2024, indicates that ASLAN has not met the minimum net worth of $2.5 million, as required by the Nasdaq Capital Market. The company’s Form 20-F for the year ended December 31, 2023 showed an equity deficit of $13.3 million.
ASLAN was given a 45-day deadline, until June 3, 2024, to submit a plan to address the shortfall and restore compliance. If Nasdaq approves the plan, ASLAN may be granted an extension of up to 180 days from the notification date to comply with the requirements. During this period, ASLAN’s American depositary shares will continue to trade on Nasdaq under the ticker “ASLN,” provided the company meets other listing standards.
ASLAN is currently working on eblasakimab, a potential new antibody treatment for moderate to severe atopic dermatitis, and farudodstat, an oral inhibitor aimed at treating alopecia areata. The company expects interim results from a Phase 2a study of farudodstat in the third quarter of 2024.
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