April 05, 2019
Powerbridge Technologies Co., Ltd. (the “Company”) (Nasdaq: PBTS), a global trade software application and technology services provider, today announced the closing of the initial public offering (“IPO”) of 1,750,000 ordinary shares, par value $0.00166667 per share, at a price of $5.00 per share. The Company’s ordinary shares began trading on the Nasdaq Capital Market on April 2, 2019 under the symbol “PBTS.”
The Company received aggregate gross proceeds of approximately $8,750,000 from the IPO. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 262,500 ordinary shares.
Proceeds from the IPO will be used for research and development, sales and marketing, strategic alliances and acquisitions, and working capital and general corporate purposes.
The Benchmark Company, LLC and Maxim Group LLC acted as joint book running managers for the IPO while TriPoint Global Equities, LLC acted as the financial advisor to the Company.
Hunter Taubman Fischer & Li LLC acted as U.S. legal counsel to the Company; Ellenoff Grossman & Schole LLP acted as legal counsel to the underwriters in connection with the IPO.
Hunter Taubman Fischer & Li, LLC is a boutique law firm specializing in corporate, commercial and securities transactions, cross-border financing, immigration and taxation. Our team of lawyers works together so our clients can benefit from astute business experience and sophisticated legal solutions.