Powerbridge Technologies Co., Ltd. Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Powerbridge Technologies Co., Ltd. (PBTS) has received a formal notice from The Nasdaq Stock Market, stating that the Company has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) and is in compliance with all applicable listing standards. The Company appealed the Nasdaq’s decision and was granted a hearing before the Nasdaq Hearings Panel, which has now been canceled since the Company has regained compliance. The stock will continue to be listed and traded on the Nasdaq.

Insights

Market Research Analyst

Powerbridge Technologies Co., Ltd.'s recent announcement regarding its regained compliance with Nasdaq's Minimum Bid Price Rule is a positive development for the company and its shareholders. The compliance indicates that the company's share price has sustained the minimum required bid price over a certain period, typically $1.00 for at least ten consecutive business days. This news is likely to instill confidence among investors, as it suggests financial stability and adherence to the stringent requirements of Nasdaq.

The extension of the Panel Monitor until June 27, 2024, however, indicates ongoing scrutiny of the company's financial health and operational performance. Investors should monitor the company's progress closely, as any future non-compliance could lead to volatility in the stock's performance and potential delisting risks. Furthermore, the company's ability to maintain compliance could affect investor perceptions, potentially impacting stock liquidity and access to capital markets.

Financial Analyst

Regaining compliance with Nasdaq's listing requirements is a critical step for Powerbridge Technologies in maintaining its standing in the capital markets. From a financial perspective, this development can avert the negative consequences associated with delisting, such as reduced visibility, decreased investor confidence and limited access to raising capital. For current and potential investors, the canceled hearing and continued listing provide a more stable investment environment.

However, it is important to consider the underlying reasons for the initial non-compliance. If the bid price issue was a symptom of deeper financial or operational issues, stakeholders should remain cautious and evaluate the company's future earnings reports, strategic initiatives and market performance. In-depth analysis of the company's financial health and growth prospects is essential to understanding the long-term implications of this news.

Legal Expert

The legal implications of Powerbridge Technologies' compliance with the Nasdaq Minimum Bid Price Rule extend beyond mere stock listing. This compliance signifies that the company has successfully navigated the complex regulatory framework that governs public companies. The formal notice of compliance indicates that the company has taken the necessary steps to rectify the deficiency highlighted in the previous SEC filing.

Investors should note that continued compliance with Nasdaq rules is imperative for the company to avoid the legal and financial complications of delisting procedures. While the immediate threat of delisting has been mitigated, the company's operations will be under close scrutiny until the end of the Panel Monitor period. This continued oversight should reassure stakeholders of the company's commitment to regulatory compliance and transparency.

ZHUHAI, China--(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240109577348/en/

For more information, please contact:

Corporate Investor Relations

Powerbridge Technologies Co., Ltd.

Email: ir@powerbridge.com

Website: www.powerbridge.com/ir/

Source: Powerbridge Technologies Co., Ltd.

FAQ

What is the formal notice received by Powerbridge Technologies Co., Ltd. (PBTS) from The Nasdaq Stock Market?

The formal notice states that the Company has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) and is in compliance with all applicable listing standards.

What was the decision of the Nasdaq regarding the Company's compliance with the Minimum Bid Price Rule?

The Nasdaq had initially made a delisting decision due to the deficiency of the Company’s compliance with the Minimum Bid Price Rule, but the decision was appealed and a hearing before the Nasdaq Hearings Panel was granted. The hearing has now been canceled since the Company has regained compliance.

Will the stock of Powerbridge Technologies Co., Ltd. (PBTS) continue to be listed and traded on the Nasdaq?

Yes, the stock will continue to be listed and traded on the Nasdaq.