ZHUHAI,
China, June 8, 2023
/PRNewswire/ -- Powerbridge Technologies Co., Ltd. (Nasdaq:
PBTS) (the "Company" or "Powerbridge"), a provider of
multi-industry technology solutions, today announced the closing of
its 1-for-30 share consolidation of its ordinary shares (the
"Share Consolidation") effective immediately after the close
of trading on Nasdaq Capital Market on June
8, 2023, and the Company's ordinary shares are expected to
begin trading on a post-consolidation basis at the open of trading
on June 9, 2023. At market open on
June 9, 2023, the Company's ordinary
share will continue to be traded on the Nasdaq Capital Market under
the symbol "PBTS" with the new CUSIP number G72007118. The
Company undertook the Share Consolidation to regain compliance with
Nasdaq Marketplace Rule 5550(a)(2) related to the $1.00 per share minimum price bid requirement for
continued listing on the Nasdaq Capital Market.
As a result of the Share Consolidation, every
thirty shares of the Company's issued and outstanding ordinary
shares will be automatically consolidated into one new ordinary
share. The Share Consolidation will not modify any rights of the
ordinary shares of the Company. No fractional shares will be issued
in connection with the Share Consolidation, all such fractional
shares shall be redeemed in cash for the fair value of such
fractional share, which is based on the closing price of the
ordinary shares on a post-consolidation basis on the Nasdaq Capital
Market on the first trading date of the ordinary shares following
the Share Consolidation.
Additional information about the Share
Consolidation can be found in Powerbridge's definitive proxy
statement filed with the U.S. Securities and Exchange Commission
(the "SEC") on April 25, 2023,
which is available free of charge at the SEC's website,
www.sec.gov, and on Powerbridge's Investor Relations website at
https://www.powerbridge.com/ir/.
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.
Furthermore, there can be no assurance that the Company will be
able to satisfy the Nasdaq Capital Market's continued listing
requirements, regain compliance with all associated rules,
including its Low-Priced Stocks Rule, or maintain compliance with
other Nasdaq continued listing requirements.
Contact:
Email: ir@powerbridge.com
Website: www.powerbridge.com/ir/
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SOURCE Powerbridge Technologies Co., Ltd.