Blue Hat Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has announced the successful regaining of compliance with Nasdaq's minimum bid price requirement, as confirmed by a letter received on June 13, 2022. The company previously fell short of this requirement, receiving its first notification on June 18, 2021. Following a 1-for-10 reverse stock split on May 27, 2022, Blue Hat's shares have maintained a closing bid price of at least $1.00 for 10 consecutive business days as of June 10, 2022, thus closing this matter with Nasdaq.

Positive

• Regained compliance with Nasdaq minimum bid price requirement.
• Successfully maintained a closing bid price of $1.00 for 10 consecutive days.

Negative

• None.

XIAMEN, China, June 15, 2022 (GLOBE NEWSWIRE) -- Blue Hat Interactive Entertainment Technology ("Blue Hat" or the "Company") (NASDAQ: BHAT), a leading communication services and internet data center ("IDC") business provider, producer and developer, and an operator of mobile games and augmented reality ("AR") education curricula and products in China, today announced that on June 13, 2022 it received a letter (the “Letter”) from the Listing Qualifications Department of Nasdaq Stock Market LLC notifying the Company that it has regained compliance with the Nasdaq Capital Market’s minimum bid price requirement and the matter is closed.

On June 18, 2021, 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), and was given its first 180-day extension, or until December 15, 2021 to regain compliance. On December 16, 2021, the Company received a second 180-day extension from Nasdaq or until June 13, 2022 to regain compliance. Effective May 27, 2022, the Company effected a 1-for-10 reverse stock split.

The Letter noted that as of June 10, 2022, Blue Hat evidenced a closing bid price of its ordinary shares at or greater than $1.00 per share minimum requirement for the past 10 consecutive business days. Accordingly, Blue Hat has regained compliance with Nasdaq Marketplace Rule 5550(a)(2), and Nasdaq considers the matter closed.

About Blue Hat
Blue Hat Interactive Entertainment Technology is a leading communication services and 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 Statement
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

Blue Hat Interactive Entertainment Technology

FAQ

What recent compliance achievement did Blue Hat Interactive (BHAT) announce?

Blue Hat Interactive announced that it has regained compliance with Nasdaq's minimum bid price requirement.

When did Blue Hat first fail to meet Nasdaq's bid price requirement?

Blue Hat was first notified of its failure to maintain the minimum bid price on June 18, 2021.

What was the result of Blue Hat's 1-for-10 reverse stock split?

The reverse stock split helped Blue Hat regain compliance with Nasdaq by increasing the bid price of its shares.

How long did Blue Hat have to regain compliance with Nasdaq?

Blue Hat received a total of 360 days, with extensions granted until June 13, 2022.

What closing bid price did Blue Hat achieve to comply with Nasdaq requirements?

Blue Hat achieved a closing bid price of $1.00 or greater for 10 consecutive business days.