Powerbridge Technologies, a China-based provider of global trade management applications and services, announced terms for its IPO on Tuesday.
The Zhuhai, China-based company plans to raise $11 million by offering 2.2 million shares at a price range of $4.50 to $5.50. At the midpoint of the proposed range, Powerbridge Technologies would command a market value of $45 million. As the market value is under $50 million, we are no longer tracking the IPO or including it in our IPO stats.
Powerbridge Technologies was founded in 1997 and booked $23 million in sales for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol PBTS. Maxim Group LLC and The Benchmark Company are the joint bookrunners on the deal.
