XIAMEN, China, Sept. 11, 2024 — Blue Hat Interactive Entertainment Technology (“Blue Hat” or the “Company”) (NASDAQ: BHAT), today announced that it received a notification letter from Nasdaq on September 6, 2024. The letter informed the Company that it had not met the minimum bid price requirement from July 25, 2024 to September 5, 2024, as outlined in Nasdaq Listing Rules 5550(a)(2). These rules stipulate that the closing bid price for the Company’s ordinary shares listed on Nasdaq must be maintained at a minimum of US$1.00. Failure to meet this requirement for 30 consecutive business days constitutes a compliance deficiency.
The notification does not immediately impact the listing of the Company’s ordinary shares on Nasdaq. According to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days, extending until March 5, 2025 (the “Compliance Period”), to regain compliance with the minimum bid price requirement. During this time, the Company’s ordinary shares will continue to trade on the Nasdaq Capital Market. If 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 before the end of the Compliance Period, Nasdaq will issue a written notification confirming the Company’s compliance with the minimum bid price requirement. However, if the Company fails to regain compliance by the end of the Compliance Period, it may be eligible for additional time to achieve compliance. This eligibility is contingent on the Company providing written notice of its intention to cure the deficiency during the second compliance period and meeting continued listing requirements for market value of publicly held shares and initial listing standards for other criteria for the Nasdaq Capital Market, excluding the bid price requirement. If it appears that the Company will not be able to rectify the deficiency, or if the Company is ineligible, Nasdaq will issue a notice stating that its securities will be subject to delisting. The Company may challenge this determination through a hearing panel. Additionally, if the closing bid price of the Company’s ordinary shares falls to $0.10 or less for ten consecutive trading days during any compliance period specified in the Nasdaq Listing Rule 5810(c)(3)(A), Nasdaq will issue a Staff Delisting Determination under Rule 5810 concerning the ordinary shares.
The Company plans to monitor the closing bid price of its ordinary shares throughout the Compliance Period. Should the Company be ineligible for additional time to comply with Nasdaq requirements at the end of the Compliance Period, the Company’s Board of Directors will explore available options to achieve compliance.
About Blue Hat
Blue Hat previously operated as a provider of communication services and IDC business. It also produced, developed, and operated AR interactive entertainment games, toys, and educational materials in China. Leveraging its years of technological accumulation and unique patented technology, Blue Hat is expanding its business into commodity trading, aiming to become a leading intelligent commodity trader globally. For more information, visit the Company’s investor relations website at http://ir.bluehatgroup.com. The Company regularly provides important information on its website.
Forward-Looking Statements
This release contains forward-looking statements as defined in 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 rely on current expectations and assumptions regarding future events or the Company’s future performance. Readers are advised not to place undue reliance on these forward-looking statements, which are merely predictions and reflect the current date. When evaluating these statements, prospective investors should carefully consider various risks and uncertainties identified in this release and matters presented in the Company’s SEC filings. These risks and uncertainties could lead to a significant difference between the Company’s actual results and those indicated in the forward-looking statements.
Contacts:
Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
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