Quartet advises ETAO’s USD1bn de-SPAC listing

ETAO’s de-SPAC listing

Healthcare firm ETAO International Group closed its combination with special purpose acquisition company (SPAC) Mountain Crest Acquisition III with legal services from Sichenzia Ross Ference, Jingtian & Gongcheng, Maples Group and Loeb & Loeb.

Sichenzia Ross Ference advised ETAO on US law, which was led by partners Lou Huan, Jay Kaplowitz and David Manno, while Jingtian & Gongcheng and Maples Group acted as PRC and Cayman Islands counsel, respectively.

Mountain Crest tapped Mitchell Nussbaum, Loeb & Loeb’s vice chair and co-chair of the capital markets and corporate department; Ronelle Porter, assistant deputy chair of the capital markets and corporate departments; and partners Andrei Sirabionian and Shahrooz Shahnavaz.

ETAO is a digital healthcare group, providing medical care using biomedical and AI technologies to patients in China.

The Nasdaq-listed combination was originally valued at USD2.5 billion in January 2022 when the parties announced the merger, but it was reduced to USD1 billion considering the unfavourable market conditions.