Powerbridge requests hearing before Nasdaq panel after delisting determination

Powerbridge has requested a hearing before the Nasdaq Hearings Panel as the next step in the process in seeking an extension to satisfy the minimum bid price requirement set forth in Nasdaq listing rules for continued listing on Nasdaq. Reference is made to the form 6-K of the company filed with the SEC on June 30, 2023 in relation to a panel monitor imposed on the company, for a period of one year from June 27, 2023, of the company’s ongoing compliance, after the company has regained compliance with Nasdaq Listing Rule 5550(a). On November 30, the company received the notice notifying that the company’s securities had a closing bid price less than $1.00 for 30 consecutive trading days. On December 15, the company received notification that the one-year Panel Monitor was imposed on the company from June 27, 2023. If, within that one-year monitoring period, the Staff finds the company again out of compliance with the requirement, the Staff will issue a delist determination letter and the company will have an opportunity to request a hearing with the Nasdaq Hearings Panel. The company submitted the request for a hearing to appeal Nasdaq’s delisting determination on December 20, and was notified that the hearing is scheduled to be held on March 14, 2024. This request will ordinarily stay any further action made by the Staff and the company’s securities are expected to continue to be eligible to trade on Nasdaq at least pending the ultimate conclusion of the hearing process. The company plans to appeal on the basis that it has regained compliance with Nasdaq Listing Rule 5550(a) as the closing bid price of its ordinary shares has been at $1.00 per share or greater 10 consecutive trading days, as of December 20, 2023. The company will continue to monitor the closing bid price of its ordinary shares and evaluate various alternative courses of action to regain compliance with the continued listing requirement under the Nasdaq Listing Rules.