ASLAN Pharmaceuticals Announces Delisting from Nasdaq

SAN MATEO, Calif. and SINGAPORE, July 15, 2024 (GLOBE NEWSWIRE) — ASLAN Pharmaceuticals (“ASLAN” or the “Company,” Nasdaq: ASLN), a clinical-stage immunology-focused biopharmaceutical company developing innovative treatments to transform the lives of patients, today announced that on July 9, 2024, the Company was notified by the Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) that, based on the Company’s failure to meet the $1.00 offering price and $2.5 million equity requirements for continued listing on the Nasdaq Capital Market, as defined in Nasdaq Listing Rules 5550(a)(2) and 5550(b)(1), respectively, the Staff had determined to delist the Company’s securities from Nasdaq. After 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 informed the Company that the offering price for the Company’s American Depositary Shares (“ADSs”) had closed below the minimum threshold of $1.00 for the preceding 30 consecutive business days. In accordance with the Nasdaq Listing Rules, the Company was granted 180 calendar days, until July 3, 2024, to regain compliance with the offering price requirement. As also disclosed, on April 18, 2024, the Staff informed the Company that it no longer met the $2.5 million equity requirement, and the Company was given an opportunity to cure this 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 (1) ADS representing twenty-five (25) ordinary shares to one (1) ADS representing two hundred (200) ordinary shares, resulting in a closing price in excess of $1.00 per ADS. As of the date of this press release, the offering price of the Company’s ADSs has closed above the minimum threshold of $1.00 for five consecutive business days. In order to demonstrate full compliance, the Company’s offering price must close at or above $1.00 per ADS for a minimum of ten, but generally not more than 20, consecutive business days.

About ASLAN Pharmaceuticals

ASLAN Pharmaceuticals (Nasdaq: ASLN) is a clinical-stage, immunology-focused biopharmaceutical company developing innovative treatments to transform the lives of patients. eblasakimaba potentially first-in-class antibody targeting the IL-13 receptor in moderate-to-severe atopic dermatitis (AD) with the potential to improve upon current biologics used to treat allergic diseases, and reported positive top-line data from a Phase 2b dose-ranging study in patients with moderate-to-severe AD. ASLAN is currently investigating eblasakimab In dupilumab-experienced patients with moderate to severe AD in the TREK-DX Phase 2 trial, ASLAN is also developing Farudodstata potent oral inhibitor of the enzyme dihydroorotate dehydrogenase (DHODH) as a potential first-in-class treatment for alopecia areata (AA) in a Phase 2a proof-of-concept trial. ASLAN has teams in San Mateo, California, and Singapore. For more information, please visit ASLAN’s website or follow ASLAN on LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements. These statements are based on the current beliefs and expectations of the Company’s management. These forward-looking statements may include, but are not limited to, statements regarding the trading price of the Company’s ADSs. The Company’s estimates, projections and other forward-looking statements are based on management’s current assumptions and expectations regarding future events and trends that 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 these forward-looking statements as a result of numerous risks and uncertainties, including unexpected safety or efficacy data observed in preclinical or clinical studies; risks that future clinical trial results are not consistent with interim, initial or preliminary results or results from prior preclinical studies or clinical trials; lower than expected clinical site activation rates or clinical trial enrollment rates; the impact of epidemics or pandemics, or geopolitical conflicts on the Company’s operations, research and development and clinical trials and potential disruptions to the operations and businesses of third-party manufacturers, contract research organizations, other service providers and collaborators with whom the Company does business; 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 and maintain its listing. Additional factors that could cause actual results to differ from those expressed or implied by these forward-looking statements are described in the Company’s filings and reports with the U.S. Securities and Exchange Commission (Commission File No. 001-38475), including the Company’s Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 12, 2024. All statements other than statements of historical fact are forward-looking statements. The words “believe,” “may,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan” or the negative of these terms, and similar expressions that express 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 are made and, except to the extent required by law, the Company undertakes no obligation to update or revise any estimate, projection or forward-looking statement.

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