ETAO Announces Receipt of a Deficiency Notice from Nasdaq

Cloud PRWire

May 4, 2024
by Cloud PR Wire

–News Direct–

New York, NY, May 3rd, 2024 – (500NewsWire) — ETAO International Co., Ltd. (NASDAQ:ETAO) (ETAO or the Company), a digital healthcare company providing medical care services, announced today that received a deficiency notice from Nasdaq that the Company is not in compliance with the $2,500,000 minimum stockholders equity listing requirement set forth in Rule 5550(b)(1) because its Form 6-K for the period ended June 30, 2023 filed with the SEC on March 8, 2024, reported stockholders equity of $1,532,492. Additionally, as of the date of this Report, the Company does not meet the alternative Nasdaq continued listing standards under Nasdaq Listing Rules.

The Nasdaq Hearings Panel (the Panel) will consider this matter in their decision regarding the Companys continued listing on The Nasdaq Capital Market. Pursuant to Rule 5810(d), the Company is required to present its views with respect to this additional deficiency to the Panel in writing no later than May 3, 2024. In the event the Company does not address this issue, the Panel will only consider the record as presented at the hearing and will make its determination based upon that information.

About ETAO International Group

ETAO International Group, 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.