Announcing receipt of a letter (the “Notification Letter”) dated November 7, 2022, notifying the Company that it 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, Powerbridge Technologies Co., Ltd. (“Powerbridge” or the “Company”) (NASDAQ: PBTS), a provider of multi-industry technology solutions, made the announcement.

According to NASDAQ Listing Rule 5810(b), this announcement is being made as soon as possible after a deficiency notification has been received.

Listed stocks on the NASDAQ must keep a minimum bid price of $1.00 per share at all times, per Listing Rule 5550(a)(2), and a violation of this rule is considered to have occurred if the shortfall in the bid price persists for 30 consecutive business days, per Listing Rule 5810(c)(3)(A). The Company no longer satisfies the minimum bid price criterion based on the closing bid price of its ordinary shares for 30 consecutive business days beginning September 26, 2022 and ending November 4, 2022.

The Company has been given 180 calendar days, or until May 8, 2023, to come back into compliance with NASDAQ Listing Rule 5550(a) pursuant to NASDAQ Listing Rule 5810(c)(3)(A) (2). Ordinary shares of the Company must have a closing bid price of at least US$1.00 for at least 10 consecutive trading days for the Company to recover compliance. The Company may be entitled for additional time to restore compliance or face delisting if it does not do so by May 8, 2023.

Source: Prnewswire