Failure to Satisfy Listing Rule Form 8 K

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

As previously disclosed in a Current Report on Form 8-K filed on October 8, 2024 with the Securities and Exchange Commission ("SEC"), on October 4, 2024, BAIYU Holdings, Inc. (the "Company") received written notice (the "Delisting Notice") from the staff of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that the Staff had determined to delist the Company's common stock from Nasdaq pursuant to Nasdaq Listing Rule 5101 and IM-5101-1.

Following receipt of the Delisting Notice, on October 7, 2024, the Company requested an appeal of Nasdaq's determination and a hearing before a Nasdaq hearings panel, which appeal stayed the Company's delisting and the filing of a Form 25-NSE with the SEC. After careful deliberations by the Board of Directors, the Company determined to withdraw its appeal of the delisting proceedings and notified the Nasdaq of the withdrawal on November 18, 2024.

On November 22, 2024, the Company received a letter from Nasdaq confirming the Company's withdrawal of the Appeal. As a result of the Company voluntarily withdrawing its Appeal, Nasdaq suspended the Company's common stock from trading at the open of business on November 21, 2024. The letter from Nasdaq stated that Nasdaq will file a Form 25 with the SEC when all internal procedural periods have run.

The Company intends to pursue continued trading of the Company's common stock on the OTC Bulletin Board.