Mountain Crest Acquisition Corp. III Closes Its Business Combination With ETAO International Group

NEW YORK, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Mountain Crest Acquisition Corp. III (NASDAQ:MCAE, "Mountain Crest"))), a publicly traded special purpose acquisition corporation or SPAC, today announced the completion of its business combination with ETAO International Group ("EIG"), a digital healthcare group providing high quality medical care using biomedical and AI technologies to patients in China. The securities of ETAO International Co., Ltd. ("ETAO"), the parent holding company of the resulting combined company, will commence trading its shares on Nasdaq under the ticker symbol "ETAO" on February 21, 2023.

The shareholders of Mountain Crest Acquisition Corp. III approved the transaction at a special meeting held on February 7, 2023, and the transaction was also approved by EIG's stockholders. EIG's management team, led by Founder and Chief Executive Officer, Wilson Liu, will lead the combined company, along with Chief Financial Officer, David Muson.

"ETAO strives to leverage the cutting edge digital technology to provide better and more affordable healthcare and services to people around the world," said Wilson Liu, CEO of ETAO. "Today marks a new beginning for ETAO as a company and we look forward to bringing more transformative and innovative solutions to the healthcare industry."

"I am thrilled to see the successful completion of another business combination of the Mountain Crest franchise, and EIG is tackling an important mission to deliver healthcare services to patients in China," said Dr. Suying Liu, Chairman, CEO and CFO of Mountain Crest.

Revere Securities LLC acted as capital markets advisor to the transaction. Sichenzia Ross Ference LLP acted as legal counsel to EIG. Loeb & Loeb LLP acted as legal counsel to Mountain Crest.

About ETAO International Group

ETAO International Group is a digital healthcare group providing high quality medical care using biomedical and AI technologies to patients in China.

About Mountain Crest Acquisition Corp. III

Mountain Crest Acquisition Corp. III is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Its efforts to identify a prospective target business were not limited to a particular industry or geographic region.

Forward-Looking Statements

Certain statements made in this press release are "forward-looking statements" within the meaning of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, including statements about the anticipated benefits of the proposed business combination, the anticipated use of proceeds and may include statements for the period following the consummation of the proposed business combination and related transactions. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current expectations of the management of ETAO and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements including: risks related to ETAO's business strategies, the ability to recognize the anticipated benefits of the business combination and other risks and uncertainties included under the header "Risk Factors" in the definitive proxy statement/registration statement filed by Mountain Crest on January 18, 2023.

Contacts

For ETAO International Group:

Wilson Liu

Chairman, Founder and CEO

347-306-5134

For Mountain Crest Acquisition Corp. III:

Dr. Suying Liu

Chairman, CEO and CFO

646-493-6558