Powerbridge Technologies Co., Ltd. (NasdaqCM:PBTS) announced that it entered into a securities purchase agreement for a private placement of a convertible promissory note of principal amount $1,650,000 for gross proceeds of $1,500,000 on January 8, 2021. The transaction included participation from Uptown Capital, LLC. The note bears an interest rate of 9% per annum. The company will pay $20,000 as lender's legal fees, accounting costs, due diligence, monitoring and other transaction costs. The note was issued at discount. The notes is unsecured and redeemable in nature. The note will be convertible into ordinary shares, par value $0.00166667 per share at a price not lower than $1.