ASLAN Pharmaceuticals Files for Voluntary Liquidation of Itself and Its Subsidiary

ASLAN Pharmaceuticals, a biopharmaceutical company with a keen focus on immunology and innovative treatments, announced the voluntary liquidation of its Singapore-based operational subsidiary, ASLAN Pharmaceuticals Pte Ltd (ASLAN SG). The decision was made following an in-depth review of the subsidiary's financial standing and strategic options. This move has led to the immediate termination of all employees within ASLAN SG and its associated subsidiary in the USA.

The liquidation process will be managed by Quantuma (Singapore) Pte Limited, with Mr. Luke Anthony Furler and Mr. Tan Kim Han appointed as joint provisional liquidators. Their responsibilities include the orderly winding up of ASLAN SG's operations, evaluating strategic alternatives for its development programs, and managing the company's primary assets, which include eblasakimab and farudodstat. Furthermore, they will settle any outstanding debts and distribute any remaining proceeds to creditors and shareholders according to Singaporean law.

In conjunction with the decision for ASLAN SG, the parent company's Board has also decided to apply for liquidation under Cayman law procedures due to its inability to continue operations because of liabilities. This follows a previous disclosure on July 15, 2024, that the company received a staff delisting determination from the Nasdaq Stock Market. ASLAN Pharmaceuticals has chosen not to request a hearing before the Nasdaq Hearings Panel, anticipating that its American Depository Shares (ADSs) will soon be suspended from trading and moved to the over-the-counter market.

The decisions by ASLAN Pharmaceuticals underscore the challenging financial and strategic situations the company faces. The focus now shifts to the provisional liquidators to navigate the complex process of liquidation while seeking out potential strategic alternatives for the company's development programs.