Powerbridge Technologies Co., Ltd. Announces Share Consolidation

Rhea-AI Summary

Powerbridge Technologies Co., Ltd. has announced the closing of its 1-for-30 share consolidation, effective immediately. The company's ordinary shares will begin trading on a post-consolidation basis on June 9, 2023. The share consolidation was undertaken to regain compliance with Nasdaq's minimum price bid requirement for continued listing.

ZHUHAI, China, June 8, 2023 /PRNewswire/ -- Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) (the "Company" or "Powerbridge"), a provider of multi-industry technology solutions, today announced the closing of its 1-for-30 share consolidation of its ordinary shares (the "Share Consolidation") effective immediately after the close of trading on Nasdaq Capital Market on June 8, 2023, and the Company's ordinary shares are expected to begin trading on a post-consolidation basis at the open of trading on June 9, 2023. At market open on June 9, 2023, the Company's ordinary share will continue to be traded on the Nasdaq Capital Market under the symbol "PBTS" with the new CUSIP number G72007118. The Company undertook the Share Consolidation to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) related to the $1.00 per share minimum price bid requirement for continued listing on the Nasdaq Capital Market.

As a result of the Share Consolidation, every thirty shares of the Company's issued and outstanding ordinary shares will be automatically consolidated into one new ordinary share. The Share Consolidation will not modify any rights of the ordinary shares of the Company. No fractional shares will be issued in connection with the Share Consolidation, all such fractional shares shall be redeemed in cash for the fair value of such fractional share, which is based on the closing price of the ordinary shares on a post-consolidation basis on the Nasdaq Capital Market on the first trading date of the ordinary shares following the Share Consolidation.

Additional information about the Share Consolidation can be found in Powerbridge's definitive proxy statement filed with the U.S. Securities and Exchange Commission (the "SEC") on April 25, 2023, which is available free of charge at the SEC's website, www.sec.gov, and on Powerbridge's Investor Relations website at https://www.powerbridge.com/ir/.

About Powerbridge Technologies

Powerbridge Technologies Co., Ltd. (Nasdaq: PBTS) is a leading provider of multi-industry technology solutions. The Company offers software and platform applications, IoT platform services and intelligent devices, supply chain platforms and interactive media services, metaverse and digital services, and cryptocurrency asset operations and services.

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. Furthermore, there can be no assurance that the Company will be able to satisfy the Nasdaq Capital Market's continued listing requirements, regain compliance with all associated rules, including its Low-Priced Stocks Rule, or maintain compliance with other Nasdaq continued listing requirements.

Contact:

Email: ir@powerbridge.com
Website: www.powerbridge.com/ir/

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SOURCE Powerbridge Technologies Co., Ltd.

FAQ

What is the reason behind Powerbridge's share consolidation?

The share consolidation was undertaken to regain compliance with Nasdaq's minimum price bid requirement for continued listing.

When will Powerbridge's ordinary shares begin trading on a post-consolidation basis?

Powerbridge's ordinary shares will begin trading on a post-consolidation basis on June 9, 2023.

Where can I find additional information about the share consolidation?

Additional information about the share consolidation can be found in Powerbridge's definitive proxy statement filed with the U.S. Securities and Exchange Commission (SEC) on April 25, 2023. It is available for free at the SEC's website, www.sec.gov, and on Powerbridge's Investor Relations website at https://www.powerbridge.com/ir/.