Powerbridge Technologies Co., Ltd. (NASDAQ:PBTS) (the “Company”), a provider of multi-industry technology solutions, today announced that it has received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC (the “Nasdaq”) dated October 6, 2023, stating that the closing bid price of the Company’s ordinary shares has been at $1.00 per share or greater for 10 consecutive trading days, from September 22 to October 5, 2023. Accordingly, the Company has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2).
As previously disclosed, the Company received a letter from the Nasdaq on August 11, 2023, stating that the Company was 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, as the closing bid price of the Company’s ordinary shares for the 30 consecutive business days from June 28, 2023 to August 10, 2023 had been below $1.00 per share. 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).
