ZHUHAI, China, Dec. 21,
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 Nasdaq Listing Rule 5550(a)(2)
(the "Minimum Bid Price Rule") for continued listing on The Nasdaq
Capital Market ("Nasdaq").
Reference is made to the form 6-K of the Company filed with the
Securities and Exchange Commission (the "SEC") on June 30, 2023 (the "Previous Disclosure") in
relation to a panel monitor imposed on the Company, for a period of
one year from June 27, 2023, of the
Company's ongoing compliance (the "Panel Monitor"), after the
Company has regained compliance with Nasdaq Listing Rule
5550(a)(2). All capitalized terms not otherwise defined herein
shall have the meanings ascribed to them in the Previous
Disclosure.
On August 11, 2023, the Company
received the notice from the Listing Qualifications Staff (the
"Staff") of Nasdaq notifying that, as of August 11, 2023, the Company's securities had a
closing bid price less than US$1.00
for 30 consecutive trading days, which 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.
On October 6, 2023, the Company
received a notification letter from the Staff of Nasdaq stating
that, as of October 6, 2023, the
closing bid price of the Company's ordinary shares has been at
US$1.00 per share or greater for 10 consecutive
trading days. Accordingly, the Company has regained compliance with
the minimum bid price requirement under Nasdaq Listing Rule
5550(a)(2).
On November 30, 2023, the Company
received the notice from the Staff
of Nasdaq notifying that, as of November 30,
2023, the Company's securities had a closing bid price less
than US$1.00 for 30 consecutive
trading days, which 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.
On December 15, 2023, the Company
received a notification letter (the "Notification Letter") from the
Staff of Nasdaq stating that, according to the written notification
the Company received from the Nasdaq Hearings Panel dated
June 27, 2023, the one-year Panel
Monitor was imposed on the Company from June
27, 2023, under Nasdaq Listing Rule 5815(d)(4)(A). According
to the terms of the Panel Monitor, if, within that one-year
monitoring period, the Staff finds the Company again out of
compliance with the requirement that was the subject of the
exception, notwithstanding Nasdaq Listing Rule 5810(c)(2), the
Company will not be permitted to provide the Staff with a plan of
compliance with respect to that deficiency and Staff will not be
permitted to grant additional time for the Company to regain
compliance with respect to that deficiency, nor will the company be
afforded an applicable cure or compliance period pursuant to Nasdaq
Listing Rule 5810(c)(3). Instead, the Staff will issue a delist determination letter and the Company
will have an opportunity to request a hearing with the Nasdaq
Hearings Panel.
The Notification Letter stated that unless the Company requested
an appeal of the Staff's determination to delist its common shares,
trading of the Company's securities will be suspended at the
opening of business on December 27,
2023, and a Form 25-NSE will be filed with the SEC, which
will remove the Company's securities from listing and registration
on the Nasdaq.
As a result, the 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
December 22, 2023. The Company timely
submitted the request for a hearing to appeal Nasdaq's delisting
determination on December 20, 2023,
and was notified that the hearing is scheduled to be held on
March 14, 2024. This request will
ordinarily stay any further action made 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 plans to appeal on the basis that it has
regained compliance with Nasdaq Listing Rule 5550(a)(2) as the
closing bid price of its ordinary shares has been at US$1.00 per
share or greater 10 consecutive
trading days, as of December 20,
2023.
The Company will continue to monitor the closing bid price of
its ordinary shares and evaluate various alternative courses of
action to regain compliance with the continued listing requirement
under the Nasdaq Listing Rules. However, there can be no assurance
that the Company will be able to satisfy the Nasdaq's continued
listing requirements or maintain compliance with the other Nasdaq
continued listing requirements.
About Powerbridge Technologies
Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) is a global
provider of technology solutions and services across multiple
industries. The Company is engaged in four segments of business:
global trade digital platform and services, agritech and
agribusiness solutions, integrated renewable energy and
agribusiness solutions, and crypto equipment trading
and cryptomining 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.
CONTACT: Kelvin
Chen, kelvinchan@powerbridge.com, 13318969081
View original
content:https://www.prnewswire.com/news-releases/powerbridge-technologies-co-ltd-requested-a-hearing-before-the-nasdaq-hearings-panel-after-received-a-letter-of-expected-delisting-determination-from-nasdaq-staff-302020976.html
SOURCE Powerbridge Technologies Co., Ltd.