ASLAN Pharmaceuticals Announces Receipt of Nasdaq Deficiency Notice Regarding Minimum Bid Price Requirement

Rhea-AI Summary

ASLAN Pharmaceuticals (NASDAQ: ASLN) received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement of US$1.00. This notice covers the period from February 11 to March 25, 2022, where ASLN’s closing bid price did not meet this threshold for 30 consecutive business days. The company has until September 26, 2022, to regain compliance, which requires the stock to trade above US$1.00 for at least ten consecutive days. The notification does not immediately affect trading but highlights potential delisting risks.

Positive

• ASLN's American Depositary Shares (ADS) continue to trade on Nasdaq despite the notification.
• The company has a 180-day period to regain compliance with Nasdaq rules.

Negative

• Failure to meet the minimum bid price may lead to potential delisting from Nasdaq.
• The stock price has been underperforming, not meeting Nasdaq's minimum requirement for 30 consecutive days.

MENLO PARK, Calif. and SINGAPORE, April 01, 2022 (GLOBE NEWSWIRE) -- ASLAN Pharmaceuticals (NASDAQ: ASLN) ("ASLAN" or the "Company"), announced today that on March 28, 2022, it received a written notice (the "Notice") from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company is not in compliance with the US$1.00 minimum bid price requirement under the Nasdaq Listing Rules (the "Listing Rules"). Based on the closing bid price of the Company's listed securities for the last 30 consecutive business days from February 11, 2022 to March 25, 2022, the Company has not met the minimum bid price requirement set forth in Listing Rule 5550(a)(2) during that period. The Notice is only a notification of deficiency and has no immediate effect on the listing of the Company’s American Depositary Shares (“ADS”). The Company’s ADSs will continue to trade on the Nasdaq Global Market at this time. The Company’s receipt of the Notice does not impact the Company’s business, operations or reporting requirements with the Securities and Exchange Commission.

The Notice states that under Listing Rule 5810(c)(3)(A) the Company is provided with a period of 180 calendar days, or September 26, 2022, to regain compliance with the Listing Rules. To regain compliance with the Listing Rules, the closing bid price of the Company's ADSs must meet or exceed US$1.00 per ADS for at least ten consecutive business days. In the event the Company does not regain compliance by September 26, 2022, the Company may be eligible for an additional 180 calendar day period to regain compliance or may face delisting.

The Company intends to continue to monitor the closing bid price of its ADSs between now and September 26, 2022, and to evaluate its available options to regain compliance.

The Company fully intends to resolve the deficiency and regain compliance with the Listing Rules.

Media and IR contacts

Emma Thompson Spurwing Communications Tel: +65 6206 7350 Email: ASLAN@spurwingcomms.com

Ashley R. Robinson LifeSci Advisors, LLC Tel: +1 (617) 430-7577 Email: arr@lifesciadvisors.com

About ASLAN Pharmaceuticals

ASLAN Pharmaceuticals (Nasdaq: ASLN) is a clinical-stage, immunology-focused biopharmaceutical company developing innovative treatments to transform the lives of patients. ASLAN is currently evaluating eblasakimab, a potential first-in-class antibody targeting the IL-13 receptor in AD, and fraudostat, a potent oral inhibitor of DHODH, which is being developed for inflammatory autoimmune disease. ASLAN has a team in Menlo Park, California, and in Singapore. For additional information please visit www.aslanpharma.com or follow ASLAN on LinkedIn.

Forward looking statements

This release contains forward-looking statements. These statements are based on the current beliefs and expectations of the management of ASLAN Pharmaceuticals Limited and/or its affiliates (the "Company"). These forward-looking statements may include, but are not limited to, statements regarding the Company’s intention to resolve the deficiency and regain compliance with the Nasdaq Listing Rules. The Company’s estimates, projections and other forward-looking statements are based on management's current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations, or financial performance, and inherently involve significant known and unknown risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of many risks and uncertainties, which include, unexpected safety or efficacy data observed during preclinical or clinical studies; clinical site activation rates or clinical trial enrolment rates that are lower than expected; the impact of the COVID-19 pandemic or the ongoing conflict between Ukraine and Russia on the Company’s business and the global economy; general market conditions; changes in the competitive landscape; and the Company’s ability to obtain sufficient financing to fund its strategic and clinical development plans. Other factors that may cause actual results to differ from those expressed or implied in such forward-looking statements are described in the Company’s US Securities and Exchange Commission filings and reports (Commission File No. 001- 38475), including the Company’s Annual Report on Form 20-F filed with the US Securities and Exchange Commission on March 25, 2022. All statements other than statements of historical fact are forward-looking statements. The words “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes are intended to identify estimates, projections, and other forward-looking statements. Estimates, projections, and other forward-looking statements speak only as of the date they were made, and, except to the extent required by law, the Company undertakes no obligation to update or review any estimate, projection, or forward-looking statement.

FAQ

What does the Nasdaq notification mean for ASLN?

The notification indicates that ASLAN Pharmaceuticals is not in compliance with the minimum bid price requirement of US$1.00 but does not impact trading immediately.

What is the deadline for ASLN to regain compliance with Nasdaq?

ASLN has until September 26, 2022, to regain compliance with the minimum bid price requirement.

How long does ASLN have to trade above $1.00?

ASLN needs to trade at or above $1.00 for at least ten consecutive business days to regain compliance.

What happens if ASLN does not regain compliance?

If ASLN fails to regain compliance by the deadline, it may be eligible for an additional 180-day period or face delisting from Nasdaq.