Blue Hat Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
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.
