ZHUHAI, China, Aug. 16,
2023 /PRNewswire/ -- Powerbridge Technologies
Co., Ltd. (Nasdaq: PBTS) (the "Company" or "PBTS"), a provider of
multi-industry technology solutions, today announced that it has
received a notification letter (the "Notification Letter") from the
Nasdaq Stock Market LLC (the "Nasdaq") dated August 11, 2023, 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
June 28, 2023 to August 10, 2023, 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 February 7,
2024, 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 February 7, 2024, 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 Company's business operations or the listing of the
Company's ordinary shares, which will continue to trade
uninterrupted on the 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 Technologies
Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) is a leading
provider of multi-industry technology solutions services. The
Company operates in several segments of business, including
software and digital applications for various industries,
cross-border trade platforms and global trade systems, digital
fintech services for agriculture and consumer products, and
cryptomining machines and cryptocurrency
operations.
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.
For more information, please contact:
Corporate Investor Relations
Powerbridge Technologies Co., Ltd.
Email: ir@powerbridge.com
Website: www.powerbridge.com/ir/
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SOURCE Powerbridge Technologies Co., Ltd.