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Powerbridge Technologies Co., Ltd. (NASDAQ:PBTS) (the "Company" or "PBTS"), a provider of multi-industry technology solutions, today announced that it has requested a hearing before the Nasdaq Hearings Panel as the next step in the process in seeking an extension to satisfy the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule") for continued listing on The Nasdaq Capital Market ("Nasdaq").
Reference is made to the form 6-K of the Company filed with the Securities and Exchange Commission (the "SEC") on June 30, 2023 (the "Previous Disclosure") in relation to a panel monitor imposed on the Company, for a period of one year from June 27, 2023, of the Company's ongoing compliance (the "Panel Monitor"), after the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2). All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Previous Disclosure.
On August 11, 2023, the Company received the notice from the Listing Qualifications Staff (the "Staff") of Nasdaq notifying that, as of August 11, 2023, the Company's securities had a closing bid price less than US$1.00 for 30 consecutive trading days, which 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.
On October 6, 2023, the Company received a notification letter from the Staff of Nasdaq stating that, as of October 6, 2023, the closing bid price of the Company's ordinary shares has been at US$1.00 per share or greater for 10 consecutive trading days. Accordingly, the Company has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2).
On November 30, 2023, the Company received the notice from the Staff of Nasdaq notifying that, as of November 30, 2023, the Company's securities had a closing bid price less than US$1.00 for 30 consecutive trading days, which 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.
Posted In: PBTS
