Aslan’s insiders

A disappointing offering on NASDAQ by Aslan Pharmaceuticals Ltd. (TPEx:6497; NASDAQ:ASLN) looks to be the consequence of Taiwan exchange rules that prevented more robust insider participation. So even though big names such as Morningside and Temasek bought 60% of the deal, excluded insiders meant NASDAQ investors saw only that the overall insider stake actually went down.

The company announced plans in March to raise up to $86.3 million in a NASDAQ listing. Then last month it said it planned to raise up to $69.4 million through the sale of 7.5 million ADSs. On May 4, Aslan raised $42.2 million through the sale of 6 million ADSs at $7.03. ...