Powerbridge Technologies Co., Ltd. entered into an equity transfer agreement to acquire 65% stake in Boxinrui International Holdings Limited from fifteen individual shareholders of Boxinrui International Holdings Limited for $25.8 million.

Powerbridge Technologies Co., Ltd. (NasdaqCM:PBTS) entered into an equity transfer agreement to acquire 65% stake in Boxinrui International Holdings Limited from fifteen individual shareholders of Boxinrui International Holdings Limited for $25.8 million on March 28, 2023. The consideration will be satisfied by way of allotment and issue of an aggregate of 276,448,625 shares to the Relevant Shareholders. The Third Acquisition is expected to be closed on or about March 31, 2023.