ZHUHAI, China, Nov. 11,
2022 /PRNewswire/ -- Powerbridge Technologies Co.,
Ltd. ("Powerbridge" or "the "Company") (NASDAQ:
PBTS), a provider of multi-industry technology solutions,
announced that it has received a notification letter (the
"Notification Letter") from the Nasdaq Stock Market LLC (the
"NASDAQ") dated November 7,
2022, notifying the Company that it is not in compliance
with the minimum bid price requirement as set forth under NASDAQ
Listing Rule 5550(a)(2) for continued listing on the NASDAQ. This
press release is issued pursuant to NASDAQ Listing Rule 5810(b),
which requires prompt disclosure upon the receipt of a deficiency
notification.
NASDAQ Listing Rule 5550(a)(2) requires listed securities to
maintain a minimum bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A)
provides that a failure to meet the minimum bid price requirement
exists if the deficiency continues for a period of 30 consecutive
business days. Based on the closing bid price of the Company's
ordinary shares for the 30 consecutive business days from
September 26, 2022 to November 4, 2022, the Company no longer meets the
minimum bid price requirement.
In accordance with the NASDAQ Listing Rule 5810(c)(3)(A), the
Company has been provided 180 calendar days, or until May 8, 2023,
to regain compliance with NASDAQ Listing Rule 5550(a)(2). To regain
compliance, the Company's ordinary shares must have a closing bid
price of at least US$1.00 for a minimum of 10 consecutive trading
days. In the event that the Company does not regain compliance by
May 8, 2023, the Company may be eligible for additional time to
regain compliance or may face delisting.
The receipt of the Notification Letter has no immediate effect
on the listing of the Company's common shares, which will continue
to trade uninterrupted on NASDAQ under the ticker "PBTS". To
address this issue, the Company intends to continuously monitor its
closing bid price and is in the process of considering various
measures to improve its financial position and results of
operations, which the Company expects to countervail the short-term
adverse effects on its trading price and cure the deficiency in due
time.
About Powerbridge
Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) is a provider
of multi-industry technology solutions: software applications and
services for the global trade industry, IoT platform services as
well as intelligent fixtures and devices for smart city operations,
supply chain platforms and social livestreaming services for the
retail industry, metaverse and smart solutions for the travel and
leisure industry, as well as cryptomining and digital asset
operations. For more information, visit
www.powerbridge.com/ir/.
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may", "will", "intend", "should", "believe", "expect",
"anticipate", "project", "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the
Company's future business development; product and service demand
and acceptance; changes in technology; economic conditions;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China,
uncertainty due to the COVID-19 pandemic and the impact it has had
and will continue to have on its operations, and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the Securities
Exchange Commission ("SEC"). For these reasons, among
others, investors are cautioned not to place undue reliance upon
any forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
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SOURCE Powerbridge Technologies Co., Ltd.