Blue Hat Announces Receipt of Nasdaq Notification Regarding Minimum Bid Price Deficiency

Rhea-AI Summary

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced on June 23, 2021, that it received a notification from Nasdaq regarding non-compliance with minimum bid price requirements, as its closing bid price has been below $1.00 for 30 consecutive trading days. The company has until December 15, 2021, to regain compliance to avoid potential delisting. During this period, shares will continue to trade on the Nasdaq Capital Market, and the company plans to monitor its share price closely.

Positive

• The company has a 180-day compliance period to regain the minimum bid price requirement.

Negative

• Closing bid price below $1.00 indicates potential financial distress.
• Failure to comply by December 15, 2021, may lead to delisting from Nasdaq.

XIAMEN, China, June 23, 2021 /PRNewswire/ -- Blue Hat Interactive Entertainment Technology ("Blue Hat" or the "Company") (NASDAQ: BHAT), a leading communication services and Internet Data Center ("IDC") business provider and developer and operator of mobile games and augmented reality ("AR") education curriculum and products in China, today announced that it has received a notification letter from The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it is not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A), which require that the closing bid price for the Company's ordinary shares listed on Nasdaq be maintained at a minimum of US$1.00 and failure to meet it for 30 consecutive trading days constitutes a compliance deficiency.

The notification has no immediate effect on the listing of the Company's ordinary shares on Nasdaq.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from the date of notification, or until December 15, 2021, to regain compliance with the minimum bid price requirement, during which time the Company's ordinary shares will continue to trade on the Nasdaq Capital Market. If at any time before December 15, 2021, the bid price of the Company's ordinary shares closes at or above US$1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification that the Company has achieved compliance with the minimum bid price requirement. In the event the Company does not regain compliance by December 15, 2021, the Company may be eligible for additional time to regain compliance or may be delisted from Nasdaq.

The Company intends to monitor the closing bid price of its ordinary shares between now and December 15, 2021. In the event the Company is not eligible for additional time to regain compliance with the Nasdaq requirements at the end of the first compliance period, the Company's Board of Directors will consider options that may be available to achieve compliance.

About Blue Hat
Blue Hat Interactive Entertainment Technology Blue Hat is a leading communication services and Internet Data Center ("IDC") business provider as well as a producer, developer and operator of AR interactive entertainment games, toys and educational materials in China. Distinguished by its own proprietary technology, Blue Hat aims to create an engaging, interactive and immersive community for its users. For more information, please visit the Company's investor relations website at http://ir.bluehatgroup.com. The Company routinely provides important information on its website.

Forward-Looking Statements 
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.

Contacts:
Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
Email: ir@bluehatgroup.net

Investor Relations:

The Equity Group Inc.
Adam Prior, Senior Vice President
(212) 836-9606
aprior@equityny.com                                                                   

In China
Lucy Ma, Associate
+86 10 5661 7012
lma@equityny.com  

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SOURCE Blue Hat Interactive Entertainment Technology

FAQ

What is the Nasdaq notification received by BHAT about?

Blue Hat received a notification regarding non-compliance with the minimum bid price requirement, as its shares have closed below $1.00.

What is the compliance period for Blue Hat to regain compliance?

Blue Hat has 180 calendar days, until December 15, 2021, to regain compliance.

What happens if Blue Hat does not regain compliance by the deadline?

If compliance is not regained by December 15, 2021, the company may face delisting from Nasdaq.

Is there any immediate effect on BHAT's stock following the Nasdaq notification?

No, the notification does not have an immediate effect on the listing of Blue Hat's ordinary shares.

What actions will Blue Hat take if it remains non-compliant by the deadline?

The Board of Directors will consider options to achieve compliance if not eligible for additional time.