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.