宏桥高科美股招股说明书(2022-09-09版)

424B51ea165570-424b5powerbridge.htmPROSPECTUSSUPPLEMENT FiledPursuanttoRule424(b)(5)RegistrationNo.333-253395 PROSPECTUSSUPPLEMENT (ToProspectusdatedFebruary23,2021) PowerbridgeTechnologiesCo.,Ltd. UptoanaggregateofferingpriceofUS$15,000,000OrdinaryShares OnSeptember1,2022,weenteredintoanOrdinarySharePurchaseAgreement(the“PurchaseAgreement”),withWhiteLionCapitalLLC,aNevadalimitedliabilitycompany(the“Investor”)pursuanttowhichwemayrequiretheInvestortopurchaseuptoanaggregateofferingpriceofUS$15,000,000(“CommitmentAmount”)ofourOrdinaryShares(“PurchaseNoticeShares”)overaperioduntilMay31,2024oruntilthedateonwhichtheInvestorshallhavepurchasedanaggregateamountofPurchaseNoticeSharesthatequaltotheCommitmentAmount,subjecttotheterminationofthePurchaseAgreement(“CommitmentPeriod”). ThePurchaseAgreementprovidesthat,uponthetermsandsubjecttotheconditionsandlimitationssetforthinthePurchaseAgreement,wehavetheright,fromtimetotime,inoursolediscretion,todelivertotheInvestorapurchasenotice(“PurchaseNotice”)directingtheInvestortopurchaseaspecifiedamountofPurchaseNoticeSharesprovidedthatthepurchaseamountofeachPurchaseNoticeisnotlessthanUS$30,000orgreaterthanUS$1,500,000,subjecttocertainminimumstockpricerequirementsandotherlimitations.Seethesectionentitled“DescriptionofSecuritiesWeAreOffering”onpageS-22. ThepurchasepricepershareofourOrdinaryShareswillbebasedon97%ofthelowestdailyvolume-weightedaveragepriceofourOrdinarySharesduringavaluationperiod,whichisthree(3)businessdayscommencingonandincludingthedateofPurchaseNotice.Inaddition,wemustissuetotheInvestorcertainnumberofourOrdinarySharesascommitmentshares(“CommitmentShares”),whichshallbeequalto1.5%oftheCommitmentAmountdividedbytheclosingpriceofourOrdinarySharesonthebusinessdaypriortotheissuanceofthefirstPurchaseNotice.Inadditional,ifbyDecember31,2022,wehavenotissuedanyPurchaseNoticetotheInvestor,thenwemustissuetotheInvestoranamountofCommitmentSharesequalto1.5%oftheCommitmentAmountdividedbytheclosingpriceoftheOrdinarySharesonthelastbusinessdaypriortoDecember31,2022. ThePurchaseAgreementprohibitsusfromdirectingtheInvestortopurchaseanyOrdinarySharesifthoseshares,whenaggregatedwithallotherOrdinarySharesthenbeneficiallyownedbytheInvestoranditsaffiliates,wouldresultintheInvestoranditsaffiliateshavingbeneficialownership,atanysinglepointintime,ofmorethan4.9%ofourthentotaloutstandingOrdinaryShares. OurOrdinarySharesarelistedontheNasdaqCapitalMarketunderthesymbol“PBTS.”OnSeptember7,2022,theclosingpriceoftheOrdinarySharesontheNasdaqCapitalMarketwasUS$1.34perOrdinaryShare.ForamoredetaileddescriptionoftheOrdinarySharesandhowthepriceforsalesofthePurchaseNoticeShareswillbedetermined,seethesectionentitled“DescriptionofSecuritiesWeAreOffering”onpageS-22. Wearean“emerginggrowthcompany”asdefinedunderapplicableU.S.securitieslawsandareeligibleforreducedpubliccompanyreportingrequirements. Inthisprospectus,“we”“us”“ourcompany”“theCompany”and“our”refertoPowerbridgeTechnologiesCo.,Ltd.anditssubsidiaries,andinthecontextofdescribingourconsolidatedfinancialinformation. TheCompanyisnotaChineseoperatingcompanybutaCaymanIslandsholdingcompanywithoperationsconductedbyitssubsidiariesinChinaandthisstructureinvolvesuniquerisksto investors.InvestorsarepurchasingsecuritiesofaCaymanIslandsholdingcompanyratherthansecuritiesofoursubsidiariesthathavesubstantivebusinessoperationsinChina.AsweareaholdingcompanywithsubstantivebusinessoperationsinChina,youshouldpayspecialattentiontootherdisclosuresincludedinourannualreportonForm20-Fforfiscalyear2021filedwiththeCommissiononMay12,2022,whichisincorporatedbyreferenceinthisprospectus,andriskfactorsincludedherein.Inparticular,anyfailureofustofullycomplywithnewregulatoryrequirementsmaysignificantlylimitorcompletelyhinderourabilitytoofferorcontinuetoofferourOrdinaryShares,causesignificantdisruptiontoourbusinessoperations,andseverelydamageourreputation,whichwouldmateriallyandadverselyaffectourfinancialconditionandresultsofoperationsandcausetheordinarysharestosignificantlydeclineinvalueorbecomeworthless.See“RiskFactors–UncertaintieswithrespecttothePRClegalsystemcouldhaveamaterialadverseeffectonus.”Inaddition,thePRCgovernmenthassignificantauthoritytoexertinfluenceontheabilityofacompanywithsubstantiveoperationsinChina,suchasus,toconductitsbusiness,acceptforeigninvestmentsorlistonaU.S.orotherforeignexchanges.Forexample,wefacerisksassociatedwithregulatoryapprovalsofoffshoreofferings,anti-monopolyregulatoryactions,oversightoncybersecurityanddataprivacy.See“RiskFactors-TheChinesegovernmentexertssubstantialinfluenceoverthemannerinwhichwemustconductourbusinessactivities.WearecurrentlynotrequiredtoobtainapprovalfromChineseauthoritiestoissuesecuritiestoforeigninvestors,however,ifoursubsidiariesortheholdingcompanywererequiredtoobtainapprovalinthefutureandweredeniedpermissionfromChineseauthoritiestolistonU.S.exchanges,wewillnotbeabletocontinuelistingonU.S.exchange,whichwouldmateriallyaffecttheinterestoftheinvestors.” TheHoldingForeignCompaniesAccountableAct(the“HFCAA”)wasenactedonDecember18,2020,purs