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.
SOURCE Powerbridge Technologies Co., Ltd.