ZHUHAI, China, November 11, 2022 /PRNewswire/ — Powerbridge Technologies Co.,Ltd. (“power bridge” or the “company“) PBTSa provider of cross-industry technology solutions, announced that it has received a notification letter (the “notification letter“) from Nasdaq Stock Market LLC (the “NASDAQ“) dated November 7, 2022, and notifies the Company that it does not meet the minimum bid price requirement under NASDAQ Listing Rule 5550(a)(2) to continue listing on NASDAQ. This press release is being issued pursuant to NASDAQ Listing Rule 5810(b), which requires prompt disclosure upon receipt of a deficiency notice.
NASDAQ Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that there is a failure to meet the minimum bid price requirement if the failure persists for a period of 30 consecutive business days. Based on the closing price of the company’s common stock for the 30 consecutive business days September 26, 2022 to November 4, 2022the Company no longer meets the minimum bid price requirement.
Pursuant to NASDAQ Listing Rule 5810(c)(3)(A), the Company has been granted 180 calendar days or until May 8, 2023 to restore compliance with NASDAQ Listing Rule 5550(a)(2). To regain compliance, the Company’s common stock must have closed at least $1.00 for at least 10 consecutive trading days. In which…
