ZHUHAI, China, Sept. 21,
2023 /PRNewswire/ -- Powerbridge Technologies Co.,
Ltd. (the "Company") (NASDAQ: PBTS) today announced that it will
effect a share consolidation of its ordinary shares at a ratio of
1-for-8, effective as of 5:00 p.m. Eastern
Time on September 21, 2023
(the "Share Consolidation"). The Company's ordinary shares
are expected to begin trading on a post-consolidation basis at the
open of the market session at 4:00 a.m.
Eastern Time on September 22,
2023. Upon the opening of the market session on September 22, 2023, the Company's ordinary shares
will continue to be traded on The Nasdaq Capital Market under the
symbol "PBTS" with the new CUSIP number G72007126.
As a result of the Share Consolidation, every eight shares of
the Company's ordinary shares will be automatically consolidated
into one 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.
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 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. These forward-looking statements
can be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates" or other similar expressions. Statements that are not
historical facts 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.
For more information, please
contact:
Corporate Investor Relations
Powerbridge Technologies Co., Ltd.
Email: ir@powerbridge.com
Website: www.powerbridge.com/ir/
View original
content:https://www.prnewswire.com/news-releases/powerbridge-technologies-co-ltd-announces-share-consolidation-301934293.html
SOURCE Powerbridge Technologies Co., Ltd.