NEW
YORK, Dec. 18, 2023 /PRNewswire/ -- ETAO
International Co. Ltd. announced today that it received a staff
determination letter (the "Letter"), on December 13, 2023, from the Listing
Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq")
notifying the Company of the determination from the Nasdaq staff
(the "Staff") to delist the Company's securities from The Nasdaq
Stock Market, because, as of December 11,
2023, the Company has not regained compliance with the bid
price requirement as set forth Listing Rule 5550(a)(2) and is not
eligible for a second 180 day period.
ETAO International Co. Ltd. Received Nasdaq
Delisting Determination
Pursuant to the Letter, unless the Company requests an appeal of
the Staff's determination, trading of the Company's ordinary shares
will be suspended at the opening of business on December 22, 2023, and a Form 25-NSE will be
filed with the Securities and Exchange Commission (the "SEC"),
which will remove the Company's securities from listing and
registration on The Nasdaq Stock Market.
The Notice states that the Company may appeal Staff's
determination to a Hearings Panel (the "Panel") pursuant to the
procedures set forth in the Nasdaq Listing Rule 5800 Series. A
hearing request will stay the suspension of the Company's
securities and the filing of the Form 25-NSE pending the Panel's
decision. The Company intends to request a hearing to appeal the
delisting determination. The Company is working on a plan to
present to the Panel in an effort to regain compliance with the
Listing Rules.
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. As a holding company with no material
operations of its own, ETAO conducts substantially all of the
operations through five variable interest entities ("VIEs") located
in China, which have entered into
a series of the VIE Agreements with certain indirect subsidiaries
of ETAO. For accounting purposes, ETAO is the primary beneficiary
of the VIEs' business operations through the VIE Agreements, which
enable ETAO to consolidate the financial results in its
consolidated financial statements under U.S. GAAP for four of the
VIEs and for the one remaining VIE, in which ETAO does not own a
majority interest, its financial statements will not be
consolidated with the financial statements of ETAO. 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 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, Email: wilson.liu@etao.world
Safe Harbor Statement
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this press release, the words "estimates,"
"projected," "expects," "anticipates," "forecasts," "plans,"
"intends," "believes," "seeks," "may," "will," "should," "future,"
"propose" and variations of these words or similar expressions (or
the negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company's control, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
are: the ability to manage growth; ability to identify and
integrate other future acquisitions; ability to obtain additional
financing in the future to fund capital expenditures; fluctuations
in general economic and business conditions; costs or other factors
adversely affecting our profitability; litigation involving
patents, intellectual property, and other matters; potential
changes in the legislative and regulatory environment; a pandemic
or epidemic. The forward-looking statements contained in this
release are also subject to other risks and uncertainties,
including those more fully described in the Company's filings with
the Securities and Exchange Commission, which are available for
review at www.sec.gov. The Company undertakes no obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable law. Such information speaks only as of the
date of this release.
View original
content:https://www.prnewswire.com/news-releases/etao-international-co-ltd-received-nasdaq-delisting-determination-302018258.html
SOURCE ETAO International Co., Ltd.