ETAO Announces a Reverse Stock Split effect on March 25, 2024

NEW YORK, March 19, 2024 /PRNewswire/ -- ETAO International Co. Ltd. announced today that ETAO is going to effect a reverse split on March 12, 2024. ETAO's shareholders have approved on February 16, 2024 the share consolidation of the Company's ordinary shares at a ratio of one-for-twenty such that each twenty ordinary shares of the company shall be combined into one ordinary share of the Company.

On February 16, 2024, the shareholders of the Company have approved the following matters with an effective date on March 12, 2024:

• a share consolidation, of the Company's ordinary shares at a ratio of one-for-twenty such that each twenty ordinary shares of the Company shall be combined into one ordinary share of the Company (the "Share Consolidation");
• immediately following the Share Consolidation, an increase the Company's authorized share capital from US$50,000 divided into 25,000,000 ordinary shares of US$0.002 par value each to US$500,000 divided into 250,000,000 ordinary shares, par value US$0.002 each (the "Increase of Authorized Shares");
• immediately following the Increase of Authorized Shares, an amendment to the Company's authorized share capital (the "Amendment to the Share Capital"), from US$500,000 divided into 250,000,000 ordinary shares, par value US$0.002 each, to (a) 200,000,000 ordinary shares, par value US$0.002 each, designated as 150,000,000 Class A ordinary shares, par value US$0.002 each (the "Class A Ordinary Shares") and 50,000,000 Class B ordinary shares, par value US$0.002 each (the "Class B Ordinary Shares"), and (b) 50,000,000 preferred shares, par value US$0.002 each (the "Preferred Shares").

About ETAO International Group

ETAO International Group ("ETAO"), a Cayman Islands company, aims to be the leading digital healthcare group providing telemedicine, hospital care, primary care, pharmacy, and health insurance covering all life stages of patients. ETAO became a public company listed in Nasdaq through merging with Mountain Crest Acquisition Corp. III (MCAE) on Feb 21, 2023. "ETAO" brand means "Best Medical Way" with transformative medical care and unparalleled service. ETAO aims to provide best-in-class internet medical services, such as artificial intelligence and big data technologies, to improve healthcare delivery and quality in specialized clinics and hospital settings. ETAO's is in the process of building a platform that is seamlessly integrated based on its ability to combine technology and health sciences.

Media Contact:
Wilson Liu
Tel:347-306-5134, [email protected]

SOURCE ETAO International Co., Ltd.