Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS), a provider of multi-industry technology solutions, has announced that it has requested a hearing before the Nasdaq Hearings Panel. This is the next step in the process of seeking an extension to satisfy the minimum bid price requirement for continued listing on The Nasdaq Capital Market.
The company received a notice from the Listing Qualifications Staff of Nasdaq, indicating that its securities had a closing bid price of $0.10 or less for ten consecutive trading days. This triggered the delisting process, but the company has requested a hearing to challenge this determination. The hearing is typically scheduled to occur approximately 30-45 days after the date of the hearing request.
The company believes it can regain compliance by completing a 1-for-30 reverse stock split, subject to shareholder approval at an extraordinary general meeting scheduled for May 30, 2023. The company is also exploring other alternative courses of action to regain compliance with the Nasdaq listing requirements.
Powerbridge Technologies is a leading provider of multi-industry technology solutions, offering software and platform applications, IoT platform services, intelligent devices, supply chain platforms, interactive media services, metaverse and digital services, and cryptocurrency asset operations and services.
This press release contains forward-looking statements and carries certain risks and uncertainties. Investors are cautioned not to place undue reliance on these statements, and the company undertakes no obligation to revise them to reflect events or circumstances that arise after the date of the press release.