Blue Hat Granted Extension to Meet Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced on December 16, 2021 that it received a 180-day extension from Nasdaq to meet its minimum bid price requirement of $1.00 per share. The Company now has until June 13, 2022 to regain compliance by maintaining this price for 10 consecutive trading days. Blue Hat was previously notified on June 23, 2021 of its non-compliance.
The extension provides the Company a critical opportunity to bolster its stock performance.

Positive

• Received a 180-day extension from Nasdaq, allowing more time to meet the minimum bid requirement.
• Opportunity to regain compliance by maintaining a minimum share price of $1.00.

Negative

• Previously notified of non-compliance with Nasdaq's minimum bid price rule.
• Only a temporary reprieve, with a looming deadline of June 13, 2022.

XIAMEN, China, Dec. 17, 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 an operator of mobile games and augmented reality ("AR") education curricula and products in China, today announced that on December 16, 2021, the Company received a 180 calendar day extension ("Second Compliance Period") from Nasdaq's Listing Qualifications Department to meet Nasdaq's continuing listing requirements by maintaining a minimum bid price per share of $1.00 for a minimum of 10 consecutive trading days. The Company now has until June 13, 2022 to regain compliance.

If at any time before June 13, 2022, the bid price of the Company's ordinary shares closes at or above $1.00 per share for a minimum of 10 consecutive trading days, the Company will regain compliance with the Nasdaq Listing Rules, and the matter will be closed.

The Company was first notified by Nasdaq of its failure to maintain a minimum bid price of $1.00 per share for 30 consecutive trading days under Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A) on June 23, 2021, and was given until December 15, 2021 to regain compliance.

About Blue Hat

Blue Hat is a leading communication services and internet data center ("IDC") business provider and developer, and an operator of mobile games and augmented reality ("AR") education curricula and products 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.                                                                      In China
Carolyne Sohn, Vice President                                                        Lucy Ma, Associate
(415) 568-2255                                                                                 +86 10 5661 7012
csohn@equityny.com                                                                       lma@equityny.com

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SOURCE Blue Hat Interactive Entertainment Technology

FAQ

What extension did Blue Hat receive from Nasdaq regarding its stock price?

Blue Hat received a 180-day extension to meet Nasdaq's minimum bid price requirement.

What is the deadline for Blue Hat to regain compliance with Nasdaq?

The deadline for Blue Hat to regain compliance is June 13, 2022.

What is the minimum bid price Blue Hat must maintain?

Blue Hat must maintain a minimum bid price of $1.00 per share.

When was Blue Hat first notified of non-compliance by Nasdaq?

Blue Hat was first notified on June 23, 2021.

What happens if Blue Hat meets the bid price requirement before the deadline?

If Blue Hat's stock closes at or above $1.00 for 10 consecutive trading days, it will regain compliance.