ZHUHAI, China, Aug. 16, 2023 /PRNewswire/ -- Powerbridge Technologies Co., Ltd. PBTS (the "Company" or "PBTS") has announced that it has received a notification letter from the Nasdaq Stock Market LLC (the "Nasdaq") regarding its non-compliance with the minimum bid price requirement for continued listing on the Nasdaq.
The Nasdaq Listing Rule 5550(a)(2) specifies that listed securities must maintain a minimum bid price of US$1.00 per share. 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 this requirement.
In accordance with the Nasdaq Listing Rule 5810(c)(3)(A), the Company has been given 180 calendar days, until February 7, 2024, to regain compliance with the minimum bid price requirement. To achieve this, 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. If the Company fails to regain compliance by February 7, 2024, it may be eligible for additional time or face delisting.
The receipt of the Notification Letter does not have an immediate impact on the Company's business operations or the listing of its ordinary shares on the Nasdaq. The shares will continue to trade uninterrupted under the ticker "PBTS". The Company is actively monitoring its closing bid price and considering various measures to improve its financial position and results of operations to address this issue.
Powerbridge Technologies Co., Ltd. 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, global trade systems, digital fintech services for agriculture and consumer products, and cryptomining machines and cryptocurrency operations.
This press release contains forward-looking statements, which are subject to risks and uncertainties that may cause actual results to differ materially from the Company's expectations. Investors are cautioned not to place undue reliance on these forward-looking statements. Additional factors are discussed in the Company's filings with the SEC.
For more information, please contact:
Corporate Investor Relations
Powerbridge Technologies Co., Ltd.
SOURCE Powerbridge Technologies Co., Ltd.