宏桥高科美股招股说明书(2022-12-07版)

424B51ea169763-424b5_powerbridge.htmPROSPECTUSSUPPLEMENT FiledPursuanttoRule424(b)(5)RegistrationNo.333-253395 PROSPECTUSSUPPLEMENT (ToProspectusdatedFebruary23,2021) PowerbridgeTechnologiesCo.,Ltd. UptoanaggregateofferingpriceofUS$15,000,000OrdinaryShares WeenteredintoaStandbyEquityPurchaseAgreement(“PurchaseAgreement”)withTBSCAPITALLP,aUKlimitedpartnership(the“Investor”),onNovember29,2022.PursuanttothePurchaseAgreement,weshallhavetheright,butnotobligation,toissueandselltotheInvestoruptoanaggregateofferingamountofUS$15,000,000(“CommitmentAmount”)ofourOrdinaryShares,parvalueUS$0.00166667pershare,offeredbythisprospectussupplementandtheaccompanyingprospectusfromtimetotimeatourrequestduringthecommitmentperiodcommencingonNovember29,2022andterminatingontheearliestof(i)thefirstdayofthemonthnextfollowingthe36-monthanniversaryofthedateofthePurchaseAgreementor(ii)thedateonwhichtheInvestorshallhavemadepaymentoftheAdvances(asdefinedbelow)pursuanttothePurchaseAgreementforsharesofourCompany’sOrdinarySharesequaltotheCommitmentAmount(the“CommitmentPeriod”).“Advance”isdefinedinthePurchaseAgreementtomean,anyissuanceandsaleofourOrdinarySharesfromustotheInvestor. EachsalewerequestunderthePurchaseAgreement(an“AdvanceNotice”)maybeforanumberofOrdinaryShareswithanaggregatevalueofuptoUS$2,000,000(the“MaximumAdvanceAmount”).EachOrdinaryShareswouldbepurchasedat96%oftheMarketPrice(asdefinedbelow)andwouldbesubjecttocertainlimitations,includingthatInvestoranditsaffiliatescouldnotbeneficiallyowned(onanaggregatedbasis)anyOrdinarySharesthat(i)wouldresultinitowningmorethan4.99%ofourOrdinarySharesoutstandingonthedateoftheAgreementincludingtheCommitmentShares(asdefinedbelow)(“OwnershipLimitation”)and(ii)wouldexceedtheamountregisteredundertheaccompanyingprospectusthenineffect(“RegistrationLimitation”,togetherwithOwnershipLimitation“AdvanceLimitations”).“MarketPrice”isdefinedintheAgreementasthelowestdailyVWAP(asdefinedbelow)ofourOrdinarySharesduringeachofthethree(3)consecutivetradingdayscommencingontheAdvanceNoticeDate(asdefinedbelow).“VWAP”isdefinedintheAgreementtomean,foranytradingday,thedailyvolumeweightedaveragepriceofourOrdinarySharesforsuchtradingdayontheNasdaqCapitalMarketduringregulartradinghoursasreportedbyBloombergL.P.“AdvanceNoticeDate”isdefinedintheAgreementtomean,thedateonwhichAdvanceNoticesshallbedeemeddeliveredtous. ThisprospectussupplementandtheaccompanyingprospectusalsocoverthesaleofthesesharesofourOrdinarySharesbytheInvestortothepublic.Though,wehavebeenadvisedbytheInvestor,andtheInvestorrepresentsinthePurchaseAgreement,thattheInvestorispurchasingourOrdinarySharesforitsownaccount,forinvestmentpurposes,andwithoutanyviewtowards,orforresaleinconnectionwith,thepublicsaleordistributionsuchsharesinviolationoftheSecuritiesActof1933,asamended(the“SecuritiesAct”)oranyotherapplicablesecuritieslaws,theSecuritiesandExchangeCommission(the“SEC”)maytakethepositionthatInvestormaybedeemedan“underwriter”withinthemeaningofSection2(a)(11)oftheSecuritiesActandanyprofitsonthesalesofsharesofourOrdinarySharesbyInvestorandanydiscounts,commissionsorconcessionsreceivedbyInvestoraredeemedtobeunderwritingdiscountsandcommissionsundertheSecuritiesAct.ForadditionalinformationonthemethodsofsalethatmaybeusedbyInvestor,seethesectionentitled“PlanofDistribution”onpageS-20. OurOrdinarySharesarelistedontheNasdaqCapitalMarketunderthesymbol“PBTS.”OnDecember1,2022,theclosingpriceoftheOrdinarySharesontheNasdaqCapitalMarketwasUS$0.14perOrdinaryShare. Wearean“emerginggrowthcompany”asdefinedunderapplicableU.S.securitieslawsandareeligibleforreducedpubliccompanyreportingrequirements. Inthisprospectus,“we”“us”“ourcompany”“theCompany”and“our”refertoPowerbridgeTechnologiesCo.,Ltd.anditssubsidiaries,andinthecontextofdescribingourconsolidatedfinancialinformation. TheCompanyisnotaChineseoperatingcompanybutaCaymanIslandsholdingcompanywithoperationsconductedbyitssubsidiariesinChinaandthisstructureinvolvesuniqueriskstoinvestors.InvestorsarepurchasingsecuritiesofaCaymanIslandsholdingcompanyratherthansecuritiesofoursubsidiariesthathavesubstantivebusinessoperationsinChina.AsweareaholdingcompanywithsubstantivebusinessoperationsinChina,youshouldpayspecialattentiontootherdisclosuresincludedinourannualreportonForm20-Fforfiscalyear2021filedwiththeCommissiononMay12,2022,whichisincorporatedbyreferenceinthisprospectusandriskfactorsincludedherein.Inparticular,anyfailureofustofullycomplywithnewregulatoryrequirementsmaysignificantlylimitorcompletelyhinderourabilitytoofferorcontinuetoofferourordinaryshares,causesignificantdisruptiontoourbusinessoperations,andseverelydamageourreputation,whichwouldmateriallyandadverselyaffectourfinancialconditionandresultsofoperationsandcausetheOrdinarySharestosignificantlydeclineinvalueorbecomeworthless.See“RiskFactors–UncertaintieswithrespecttothePRClegalsystemcouldhaveamaterialadverseeffectonus.”Inaddition,thePRCgovernmenthassignificantauthoritytoexertinfluenceontheabilityofacompanywithsubstantiveoperationsinChina,suchasus,toconductitsbusiness,acceptforeigninves