Aslan Pharmaceuticals receives Nasdaq notice

Aslan Pharmaceuticals announced that it received a letter on April 18, 2024 from The Nasdaq Stock Market informing the company that it failed to maintain the continued listing requirement under Nasdaq Listing Rule 5550(b)(1) for the Nasdaq Capital Market, which requires that a listed company’s stockholders’ equity be at least $2.5M. Based upon the reported stockholders’ equity of a deficit of $13.3M in the company’s Form 20-F for the period ended December 31, 2023, the company did not meet the Stockholders’ Equity Requirement. The company has a period of 45 calendar days from the date of the Letter, or until June 3, 2024, to submit a plan to regain compliance with the Stockholders’ Equity Requirement. If such a plan is submitted and accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the Letter for the company to regain compliance.