Powerbridge Technologies Co., Ltd. Announces Receipt of Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency
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ZHUHAI,
Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of
In accordance with the Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until February 7, 2024, 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
The receipt of the Notification Letter has no immediate effect on the Company's business operations or the listing of the Company's ordinary shares, which will continue to trade uninterrupted on the 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. (Nasdaq: 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 and global trade systems, digital fintech services for agriculture and consumer products, and cryptomining machines and cryptocurrency operations.
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
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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SOURCE Powerbridge Technologies Co., Ltd.
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