Aslan Pharmaceuticals Ltd. (ASLN) revealed Wednesday a filing for a voluntary liquidation, and termination of all the employees of the company and the fellow subsidiary Aslan Pharmaceuticals (USA) Inc. The company said the filing is upon the review of its financial position and strategic alternatives by its board.
ASLN shares are currently at $0.51, down 53.64 percent from the previous close of $1.38 on a volume of 592,899.
Aslan SG Board resolved that the company cannot by reason of its liabilities continue its business and that the Company will apply for liquidation under Cayman law procedures.
Luke Anthony Furler and Tan Kim Han of Quantuma (Singapore) Pte Ltd. were appointed as joint and several provisional liquidators, responsible for the orderly winding up, in accordance with Singaporean law.
Earlier on July 15, 2024, the company has received a staff delisting determination from the Nasdaq Stock Market due to its failure to meet continued listing requirements.
The Company said it expects its American Depository Shares will be suspended from trading in due course with trading moved to the over-the-counter market.
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