NEW YORK, May 27, 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.