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ZHUHAI, CHINA / ACCESSWIRE / May 21, 2021 / Powerbridge Technologies Co., Ltd. (NASDAQ:PBTS) ("Powerbridge" or the "Company"), a global trade software applications and technology services provider, today announced that it has received a Notice from the NASDAQ Stock Market on May 18, 2021 notifying the Company that, because its Form 20-F for the fiscal year ended December 31, 2020 (the "2020 20-F") was not filed with the Securities and Exchange Commission by the required due date of April 30, 2021, the Company is therefore not in compliance with the periodic filing requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1).
This Notice received has no immediate effect on the listing or trading of the Company's shares. Nasdaq has provided the Company with 60 calendar days, until July 19, 2021 to submit a plan to regain compliance. If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for the filing of the 20-F for fiscal year ended December 31, 2020, or November 15, 2021, to regain compliance.
The Company expects and intends to submit to NASDAQ the compliance plan by July 19, 2021.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
Powerbridge Technologies Co., Ltd. (NASDAQ:PBTS) is a provider of software applications and technology solutions and services to corporate and government customers primarily located in China. Founded in 1997, Powerbridge pioneered global trade software applications with a vision to make global trade operations easier for customers. Since inception, Powerbridge has continued to innovate and deliver solutions and services to address the changing needs of thousands of customers. Powerbridge's mission is to make global trade easier by empowering all players in the ecosystem. For more information, visit www.powerbridge.com/en.
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, our expectations for future financial performance, business strategies or expectations for our business. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Company cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Words such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "look" or similar expressions may identify forward-looking statements. There is no assurance that the supercomputing center will be established as planned, when it will start operation nor any of the planned activities will be implemented by the supercomputing center. Specifically, forward-looking statements may include statements relating to the Company's:
ability to execute its business plan;
changes in the market for Company's products and services; and
expansion plans and opportunities.
These forward-looking statements are based on information available as of the date of this press release and our management's current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but not are limited to, the risk factors described by Powerbridge in its filings with the Securities and Exchange Commission ("SEC"). These risk factors and those identified elsewhere in this press release, among others, could cause actual results to differ materially from historical performance.
Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and you should not place undue reliance on these forward-looking statements in deciding whether to invest in our securities. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
Additional information concerning these and other factors that may impact our expectations and projections can be found in our periodic filings with the SEC, including our Annual Report on Form 20-F for the fiscal year ended December 31, 2019. Powerbridge SEC filings are available publicly on the SEC's website at www.sec.gov. Powerbridge disclaims any obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please contact:
Powerbridge Technologies Co., Ltd.
President and Chief Financial Officer
SOURCE: Powerbridge Technologies Co., Ltd.
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