ETAO Announces receiving a staff determination - Delinquency letter from Nasdaq

NEW YORK, Jan. 12, 2024 /PRNewswire/ -- ETAO International Co. Ltd. announced today that it received a staff determination – Delinquency letter (the "Letter"), on January 5, 2024, from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company has not yet filed its interim financial statements for the period ended June 30, 2023 (the "Filing"), it no longer complies with our Listing Rules (the "Rules") for continued listing. Accordingly, this matter serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market.

Under Nasdaq rules, a Company that receives a delist determination for delinquency, can request an appeal to a Hearings Panel, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. The Company is working on a plan to present to the Panel in an effort to regain compliance with the Listing Rules and will have a Hearing on March 12, 2024. The Hearing Panel will review the request for an extended stay and notify the Company of its conclusion as soon as is practicable but in any event no later than 15 calendar days following the deadline to request a further stay.

This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.

About ETAO International Group

ETAO International Group ("ETAO"), a Cayman Islands company, aims to be the leading digital healthcare group providing telemedicine, hospital care, primary care, pharmacy, and health insurance covering all life stages of patients. ETAO became a public company listed in Nasdaq through merging with Mountain Crest Acquisition Corp. III (MCAE) on Feb 21, 2023. "ETAO" brand means "Best Medical Way" with transformative medical care and unparalleled service. ETAO aims to provide best-in-class internet medical services, such as artificial intelligence and big data technologies, to improve health care delivery and quality in specialized clinics and hospital settings. ETAO's is in the process of building a platform that is seamlessly integrated based on its ability to combine technology and health sciences.

Media Contact:
Wilson Liu
Tel:347-306-5134, wilson.liu@etao.world

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SOURCE ETAO International Co., Ltd.