Readily available 4-formyloxyazetidinone was enantioselectively transformed into 4-substituted azetidinones upon treatment with 0.1 equiv. of the cinchona alkaloid (quinidine) in toluene via intermolecular nucleophilic trapping of the N-acylimine intermediate by mercapto-, or hydroxymoieties of thiophenols, thiols, phenols and alcohols. Additionally, biological activity tests were performed on the newly synthesized β-lactams.