Blue Hat Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency

Rhea-AI Summary

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The Company's shares have traded below US$1.00 for 30 consecutive days, violating Nasdaq Listing Rule 5550(a)(2). The Company has until May 5, 2021 to regain compliance, during which it can remain listed. If it closes above US$1.00 for 10 consecutive days, compliance will be achieved. If not, it may be eligible for additional time or face delisting.

Positive

• The notification has no immediate effect on Blue Hat's listing.
• The Company has 180 days to regain compliance with the minimum bid price requirement.

Negative

• The Company has been trading below the US$1.00 minimum bid price, indicating financial instability.
• Failure to regain compliance by the deadline may lead to delisting.

XIAMEN, China, Nov. 11, 2020 /PRNewswire/ -- Blue Hat Interactive Entertainment Technology ("Blue Hat" or the "Company") (NASDAQ: BHAT), a leading producer, developer and operator of augmented reality ("AR") interactive entertainment games, toys and educational materials in China, today announced  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 for continued listing on the Nasdaq Capital Market, since the closing bid price for the Company's common shares listed on Nasdaq was below US$1.00 for 30 consecutive trading days. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days.

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

In accordance with Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from the date of notification, or until May 5, 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 May 5, 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 May 5, 2021, the Company may be eligible for additional time to regain compliance or may face delisting.

The Company intends to monitor the closing bid price of its ordinary shares between now and May 5, 2021, and intends to cure the deficiency within the prescribed compliance period.

About Blue Hat
Blue Hat Interactive Entertainment Technology is a producer, developer and operator of AR interactive entertainment games and toys in China, including interactive educational materials, mobile games, and toys with mobile game features. The Company's interactive entertainment platform creates unique user experiences by connecting physical items to mobile devices, which creates a rich visual and interactive environment for users through the integration of real objects and virtual scenery. 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 . 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
Adam Prior, Senior Vice President	Lucy Ma, Associate
(212) 836-9606	+86 10 5661 7012
aprior@equityny.com	lma@equityny.com

 

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SOURCE Blue Hat Interactive Entertainment Technology

FAQ

What is the minimum bid price issue faced by Blue Hat (BHAT)?

Blue Hat has been notified by Nasdaq for not meeting the minimum bid price requirement, as its shares traded below US$1.00 for 30 consecutive days.

How long does Blue Hat have to comply with Nasdaq's requirements?

Blue Hat has until May 5, 2021 to regain compliance with Nasdaq's minimum bid price requirement.

What happens if Blue Hat (BHAT) fails to regain compliance by the deadline?

If Blue Hat does not regain compliance by May 5, 2021, it may be eligible for additional time or could face delisting from Nasdaq.

Can Blue Hat regain compliance before the deadline?

Yes, if Blue Hat's share price closes at or above US$1.00 for 10 consecutive business days, it will achieve compliance.

What are the implications of Nasdaq's notification for Blue Hat's stock?

The notification indicates financial instability for Blue Hat, potentially affecting investor confidence and stock performance.