Why ASLAN Pharmaceuticals (ASLN) Shares Are Down 40%
Portfolio Pulse from Henry Khederian
ASLAN Pharmaceuticals Ltd (NASDAQ:ASLN) shares dropped by 38.7% to $0.68 after announcing the voluntary liquidation of its Singapore-incorporated subsidiary due to financial liabilities. The parent company also plans to apply for liquidation under Cayman law and will move its trading to the over-the-counter market following a delisting notice from Nasdaq.
July 17, 2024 | 4:10 pm
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ASLAN Pharmaceuticals Ltd shares fell by 38.7% to $0.68 after the company announced the voluntary liquidation of its Singapore subsidiary and plans for parent company liquidation under Cayman law. The company also received a delisting notice from Nasdaq.
The announcement of voluntary liquidation and the delisting notice from Nasdaq are critical negative events for ASLAN Pharmaceuticals, leading to a significant drop in share price. The liquidation indicates severe financial distress, which is likely to continue to negatively impact the stock in the short term.
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