ZHUHAI, China, April 28,
2023 /PRNewswire/ -- Powerbridge Technologies Co.,
Ltd. (Nasdaq: PBTS) (the "Company" or "PBTS"), a provider of
multi-industry technology solutions, today announced that it has
requested a hearing before the Nasdaq Hearings Panel as the next
step in the process in seeking an extension to satisfy the minimum
bid price requirement set forth in Listing Rule 5550(a)(2) (the
"Rule") for continued listing on The Nasdaq Capital Market
("Nasdaq").
On April 26, 2023, the Company
received the expected notice from the Listing Qualifications Staff
(the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") indicating
that the Staff had determined that, as of April 25, 2023, the Company's securities had a
closing bid price of $0.10 or less
for ten consecutive trading days as set forth in Listing Rule
5810(c)(3)(A)(iii) (the Low Priced Stocks Rule"). As a result,
Staff had determined to delist the Company's securities from Nasdaq
unless the Company requests a hearing no later than 4:00
p.m. Eastern Time on May 3, 2023, the hearing are
typically scheduled to occur approximately 30-45 days after the
date of the hearing request. The Company submitted the request for
a hearing on April 28, 2023. This request will ordinarily stay any
further action by the Staff and the Company's securities are
expected to continue to be eligible to trade on Nasdaq at least
pending the ultimate conclusion of the hearing process.
The Company stated in its request that it believes it can regain
compliance upon the completion of the 1-for-30 reverse stock split
of the Company's securities, subject to the Company's shareholders'
approval on an extraordinary general meeting (the "EGM"), which
will be convened on May 30, 2023. The
EGM's notice and proxy statement were disclosed on Form 6-K
filed with the Securities and Exchange Commission ("SEC") on
April 25, 2023.
The Company continues to evaluate various alternative courses of
action to regain compliance with the continued listing requirement
under the Rule for the Nasdaq Capital Market. However, there can be
no assurance that the Company will be able to satisfy the Nasdaq
Capital Market's continued listing requirements, regain compliance
with the Rule, the Low Priced Stocks Rule, or maintain compliance
with the other Nasdaq continued listing requirements.
About Powerbridge Technologies
Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) is a leading
provider of multi-industry technology solutions. The Company offers
software and platform applications, IoT platform services and
intelligent devices, supply chain platforms and interactive media
services, metaverse and digital services, and
cryptocurrency asset operations and
services.
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; specifically, the Company's statements
regarding listing on the Nasdaq Capital Market and the IPO are
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 and assumptions underlying
or related to any of the foregoing and other risks contained in
reports filed by the Company with the 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.