Etao International (NASDAQ:ETAO) stock is falling hard on Tuesday after getting a delisting update from the Nasdaq Exchange’s Listing Qualifications Department.
That update notes that the Nasdaq has decided to delist the company’s shares at the start of business on Friday. However, Etao International can delay this delisting if it makes an appeal to the exchange.
Etao International says it intends to do just that and seek out a way to regain compliance with listing standards. That comes after the company failed to regain compliance in the 180 days given and wasn’t deemed eligible for another 180-day extension.
What This Means for ETAO Stock
Today’s news doesn’t mean that ETAO stock is being delisted just yet. However, it does show that the company is edging ever closer to being kicked off of the Nasdaq Exchange. Depending on how its appeal goes, the delisting of Etao International may happen sooner rather than later.
Considering that news, it makes sense that ETAO stock is falling 36.5% as of Tuesday morning. Investors will also note that the digital healthcare company’s shares are down 95.5% year-to-date as of yesterday’s close.
This plays into the problems the company is having with remaining listed on the Nasdaq Exchange. ETAO hasn’t been able to get its price back up above the $1 minimum bid required for listing. It’s unclear how it will address this issue.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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