Powerbridge Technologies Co., Ltd. Regains Compliance with Nasdaq Minimum Bid Price Requirement
January 09 2024 - 8:30AM
Business Wire
Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) (the “Company”
or “PBTS”), a provider of multi-industry technology solutions,
today announced that it has received a formal notice from The
Nasdaq Stock Market (the “Nasdaq”) dated January 8, 2024, stating
that the Company has regained compliance with the minimum bid price
requirement under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid
Price Rule”), and that the Company is in compliance with all
applicable listing standards.
Reference is made to the form 6-K of the Company filed with the
Securities and Exchange Commission (the “SEC”) on December 21, 2023
(the “Previous Disclosure”) in relation to the deficiency of the
Company’s compliance with the Minimum Bid Price Rule and the
Nasdaq’s delisting decision. All capitalized terms not otherwise
defined herein shall have the meanings ascribed to them in the
Previous Disclosure.
The Company appealed the Nasdaq’s decision and was granted a
hearing before the Nasdaq Hearings Panel. Since the Company has
regained compliance, the hearing scheduled on March 14, 2024 has
been canceled. The Company will remain under the Panel Monitor
until June 27, 2024, imposed by a previous Nasdaq Hearings Panel’s
compliance letter dated June 27, 2023.
The Company’s stock will continue to be listed and traded on the
Nasdaq.
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 may contain certain “forward-looking
statements” relating to the business of Powerbridge Technologies
Co., Ltd., and its subsidiary companies. All statements, other than
statements of historical fact included herein are “forward-looking
statements.” These forward-looking statements are often identified
by the use of forward-looking terminology such as “believes,”
“expects,” or similar expressions, involving known and unknown
risks and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company’s
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company’s periodic
reports that are filed with the Securities and Exchange Commission
and available on its website at http://www.sec.gov. All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
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For more information, please contact: Corporate Investor
Relations Powerbridge Technologies Co., Ltd. Email:
ir@powerbridge.com Website: www.powerbridge.com/ir/
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