Powerbridge regains compliance with Nasdaq minimum bid price rule

Powerbridge Technologies has received a formal notice from The Nasdaq Stock Market dated January 8, 2024, stating that the Company has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) and that the Company is in compliance with all applicable listing standards. Reference is made to the form 6-K of the Company filed with the Securities and Exchange Commission on December 21, 2023 in relation to the deficiency of the Company’s compliance with the Minimum Bid Price Rule and the Nasdaq’s delisting decision. All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Previous Disclosure. The Company appealed the Nasdaq’s decision and was granted a hearing before the Nasdaq Hearings Panel. Since the Company has regained compliance, the hearing scheduled on March 14, 2024 has been canceled. The Company will remain under the Panel Monitor until June 27, 2024, imposed by a previous Nasdaq Hearings Panel’s compliance letter dated June 27, 2023. The Company’s stock will continue to be listed and traded on the Nasdaq.