ZHUHAI, China, Jan. 16, 2022 /PRNewswire/ -- Powerbridge
Technologies Co., Ltd. (Nasdaq: PBTS) ("Powerbridge" or the
"Company"), a SaaS solutions and Blockchain applications provider,
today announced that it has received a notification letter (the
"Notification Letter") from the Nasdaq Stock Market LLC (the
"NASDAQ") dated January 12,
2022, 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
November 29, 2021 to January 11, 2022, 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 July 11,
2022, 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 July 11, 2022, 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 listing of the Company's common shares, which will continue
to trade uninterrupted on 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., a growth-driven technology company is
primarily engaged in SaaS solutions and Blockchain applications.
Powerbridge SaaS integrates AI, big data, and IoT offering SaaS
platforms for cross-border e-commerce, supply chain, data
intelligence, and IoT applications and devices. Powerbridge
Blockchain consists of BTC and ETC mining and digital assets, IPFS
distributed network services, and industry-specific Blockchain
applications. For more information, visit
www.powerbridge.com/en/.
FORWARD-LOOKING STATEMENT Certain statements in this
press release may constitute "forward-looking statements" within
the meaning of the federal securities laws, including, but not
limited to, our expectations for future financial performance,
business strategies or expectations for our business. These
statements constitute projections, forecasts and forward-looking
statements, and are not guarantees of performance. Company cautions
that forward-looking statements are subject to numerous
assumptions, risks and uncertainties, which change over time. Words
such as "may," "can," "should," "will," "estimate," "plan,"
"project," "forecast," "intend," "expect," "anticipate," "believe,"
"seek," "target," "look" or similar expressions may identify
forward-looking statements. There is no assurance that the
supercomputing center will be established as planned, when it will
start operation nor any of the planned activities will be
implemented by the supercomputing center. Specifically,
forward-looking statements may include statements relating to the
Company's:
ability to execute its business plan;
changes in the market for Company's products and services; and
expansion plans and opportunities.
These forward-looking statements are based on information
available as of the date of this press release and our management's
current expectations, forecasts and assumptions, and involve a
number of judgments, risks and uncertainties that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements. These
risks and uncertainties include, but not are limited to, the risk
factors described by Powerbridge in its filings with the Securities
and Exchange Commission ("SEC"). These risk factors and those
identified elsewhere in this press release, among others, could
cause actual results to differ materially from historical
performance.
Accordingly, forward-looking statements should not be relied
upon as representing our views as of any subsequent date, and you
should not place undue reliance on these forward-looking statements
in deciding whether to invest in our securities. We do not
undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.
Powerbridge SEC filings are available publicly on the SEC's
website at www.sec.gov. Powerbridge disclaims any obligation
to update the forward-looking statements, whether as a result of
new information, future events or otherwise.
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SOURCE Powerbridge Technologies