NEW YORK - ETAO International Co. Ltd., a company focused on digital healthcare, has been notified by the Nasdaq Stock Market of non-compliance with its listing rules due to a delay in filing its interim financial statements for the period ended June 30, 2023. The Nasdaq Listing Qualifications Department issued a delinquency letter to ETAO on January 5, 2024, which serves as an additional basis for the potential delisting of the company's securities from the Nasdaq Stock Market.
The notification, which ETAO disclosed today in accordance with Nasdaq Listing Rule 5810(b), indicates that the company has not met the filing requirements stipulated by the exchange. To address the delinquency, ETAO can request an appeal to a Hearings Panel as per the Nasdaq Listing Rule 5800 Series procedures. The company is preparing a plan to regain compliance and will present it at a hearing scheduled for March 12, 2024. Following the hearing, the Panel will decide whether to grant an extended stay of delisting, with a conclusion expected no later than 15 calendar days after the deadline to request further stay.
ETAO International Group, based in the Cayman Islands, became a publicly listed company on Nasdaq through a merger with Mountain Crest Acquisition Corp. III on February 21, 2023. The company's mission is to provide comprehensive digital healthcare services, including telemedicine, hospital care, primary care, pharmacy, and health insurance. ETAO is in the process of developing a platform that integrates technology and health sciences, aiming to leverage artificial intelligence and big data to enhance healthcare delivery and quality.
The information in this article is based on a press release statement from ETAO International Co. Ltd.
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