On August 26, 2020, the Board of Directors of Powerbridge Technologies Co., Ltd. announced that effective August 24, 2020, Guoquan Wang resigned as an independent director of the Company due to his personal reason and has no disagreement with the Board of Directors. Effective on August 24, 2020, Peng Zhang was elected by the Board of Directors as an independent director and as a member of the Audit Committee and Nominating Committee and the Chair of the Compensation Committee of the Board of Directors to fill in the vacancy created by Guoquan Wang. Mr. Wang’s resignation was not a result of any disagreement with the Board of Directors of the Company or the Company. From November 2014 to present, Mr. Zhang has been the general manager of China at Oxford Instruments Technology (Shanghai) Co., Ltd. As a result of the election of Mr. Zhang, there are currently five members of the Board of Directors, a majority of whom are still independent and serve as members of each of the committees of the Board as required under the Nasdaq Listing Rule 5605.