Powerbridge Technologies Co., Ltd. Announces Closing of $8,750,000 Firm Commitment Initial Public Offering
April 04 2019 - 1:37PM
via NEWMEDIAWIRE -- Powerbridge Technologies Co., Ltd. (the
“Company”) (Nasdaq: PBTS), a global trade software application and
technology services provider, today announced the closing of the
initial public offering (“IPO”) of 1,750,000 ordinary shares, par
value $0.00166667 per share, at a price of $5.00 per share. The
Company’s ordinary shares began trading on the Nasdaq Capital
Market on April 2, 2019 under the symbol “PBTS.”
The Company received aggregate gross proceeds of
approximately $8,750,000 from the IPO. In addition, the Company has
granted the underwriters a 45-day option to purchase up to an
additional 262,500 ordinary shares.
Proceeds from the IPO will be used for research
and development, sales and marketing, strategic alliances and
acquisitions, and working capital and general corporate
purposes.
The Benchmark Company, LLC and Maxim Group LLC are
acting as joint book running managers for the IPO while TriPoint
Global Equities, LLC is the financial advisor to the Company.
Hunter Taubman Fischer & Li LLC acted as U.S.
legal counsel to the Company; Ellenoff Grossman & Schole LLP
acted as legal counsel to the underwriters in connection with the
IPO.
A registration statement on Form F-1 relating to
this offering was filed with the Securities and Exchange Commission
(“SEC”) and was declared effective by the SEC as of March 28, 2019.
The offering of the Company’s ordinary shares was made only by
means of a prospectus, forming a part of the registration
statement. The registration statement on Form F-1 and the final
prospectus relating to the IPO are available on the SEC’s website
at www.sec.gov. Copies of the final prospectus relating to the IPO
may be obtained from The Benchmark Company, LLC, Attn: Prospectus
Department, 150 E 58th Street, 17th floor, New York, NY 10155,
212-312-6700, Email: prospectus@benchmarkcompany.comand the
Maxim Group LLC, 405 Lexington Avenue, 2nd floor, New York, NY
10174, (212) 895-3500.
This press release shall not constitute an
offer to sell or the solicitation of an offer to buy any of the
Company's securities, nor shall such securities be offered or sold
in the United States absent registration or an applicable exemption
from registration, nor shall there be any offer, solicitation or
sale of any of the Company's securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
About Powerbridge
Powerbridge Technologies Co., Ltd. is a provider
of software application and technology solutions and services to
corporate and government customers primarily located in China.
Founded in 1997, Powerbridge pioneered global trade software
applications with a vision to make global trade operations easier
for customers. Since inception, Powerbridge has continued to
innovate and deliver solutions and services to address the changing
needs of thousands of customers. Powerbridge’s mission is to make
global trade easier by empowering all players in the ecosystem.
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:
For Powerbridge:
Powerbridge Technologies Co., Ltd.
Stewart Lor
Chief Financial Officer
Email: stewartlor@powerbridge.com
US Investor Relations:
PCG Advisory, Inc.
Vivian Cervantes
Phone: 646-863-6274
Email: vivian@pcgadvisory.com
China Investor Relations:
Ascent Investor Relations LLC
Tina Xiao
Phone: +86-1360-111-9533
Email:tina.xiao@ascent-ir.com
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