NEW YORK, May 26, 2023 /PRNewswire/ -- On May 18, 2023, Etao International Co., Ltd. (the "Company") received a deficiency letter from The Nasdaq Stock Market, LLC ("Nasdaq") notifying the Company that it no longer complies with Nasdaq's Listing Rule 5250(c)(1) due to its failure to file Form 20-F for the period ended December 31, 2022 (the "Filing"). Nasdaq informed the Company that it has sixty (60) calendar days to submit a plan (the "Plan") to Nasdaq detailing how the Company plans to regain compliance with Nasdaq's continued listing requirements. If Nasdaq accepts the Company's proposed Plan, Nasdaq can grant an exception of up to one hundred-eighty (180) calendar days from the filing's due date, or until November 13, 2023, to regain compliance with Nasdaq Rules.
In determining whether Nasdaq accepts the Company's Plan, Nasdaq will consider things as the likelihood of the filing, along with any subsequent periodic filings that will be due, can be filed within the 180 day period, the Company's past compliance history and the reasons for the late filing; among other things. The Company is currently working on the Plan to regain compliance with respect to the Listing Rule 5250(c)(1) to meet the requirements for continued listing on the Nasdaq Capital Market.
CONTACT:
Wilson Liu
347-306-5134
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SOURCE ETAO International Co., Ltd.
FAQ
What is the reason behind Etao International's deficiency letter from Nasdaq?
Etao International received the deficiency letter from Nasdaq because it failed to file Form 20-F for the period ended December 31, 2022.
What is the deadline for Etao International to submit a plan to Nasdaq?
Etao International has 60 calendar days to submit a plan to Nasdaq detailing how it plans to regain compliance with Nasdaq's continued listing requirements.
What happens if Nasdaq accepts Etao International's proposed plan?
If Nasdaq accepts Etao International's proposed plan, it can grant an exception of up to 180 calendar days from the filing's due date, or until November 13, 2023, to regain compliance with Nasdaq Rules.
What factors will Nasdaq consider in determining whether to accept the Company's Plan?
Nasdaq will consider factors such as the likelihood of the filing and subsequent periodic filings being completed within the 180-day period, the Company's past compliance history, and the reasons for the late filing.
Is Etao International currently working on the Plan to regain compliance?
Yes, Etao International is currently working on the Plan to regain compliance with respect to the Listing Rule 5250(c)(1) to meet the requirements for continued listing on the Nasdaq Capital Market.
