Newly public ETAO stock jumps 31% amid board departures

Newly public ETAO International (NASDAQ:ETAO) stock shot up 31% on Tuesday amid the resignation of three board officials.

Shares of the Chinese digital healthcare provider opened at $2.42, dipping to an early low of $2.30 before climbing to a high of $3.26 in late afternoon. The stock ended the session at $3.19.

ETAO said in a filing on Monday that two of its directors, Andrew MacInnes and Kenneth Liang, had resigned along with its interim CFO of the board, David Munson, for "personal reasons."

ETAO went public through a merger with SPAC Mountain Crest III in late February. The SPAC originally valued ETAO at around $2.5B, but later reduced that figure to $1B.

Mountain Crest III went public in May 2021, raising $50M. The SPAC is part of a series of blank-check companies that included Mountain Crest I, II, IV and V.

Sibling SPAC Mountain Crest I took Playboy (PLBY) public in February 2021, followed by Mountain Crest II, which merged with Better Therapeutics (BTTX) in October 2021. Mountain Crest IV (MCAF) announced plans in May to combine with Chinese EV manufacturer CH-AUTO.