NEW YORK, June 23, 2023 /PRNewswire/ -- On June 14, 2023, Etao International Co., Ltd. (the "Company") received a bid price deficiency letter from The Nasdaq Stock Market, LLC ("Nasdaq") notifying the Company that listed securities to maintain a minimum bid price of $1 per share. Based upon the closing bid price for the last 30 consecutive business days, the Company no longer meets this requirement. However, the Rules also provide the Company a compliance period of 180 calendar days in which to regain compliance.
If at any time during this 180 day period the closing bid price of the Company's security is at least $1 for a minimum of ten consecutive business days, NASDAQ will provide the Company written confirmation of compliance and this matter will be closed. Please note that if the Company chooses to implement a reverse stock split, it must complete the split no later than ten business days prior to the expiration date of December 11, 2023 in order to regain compliance.
Media Contact: Wilson Liu wilson.liu@etao.cloud
