Blue Hat Interactive has received a Nasdaq delisting notice due to low stock prices, plans to appeal by January 31, 2025.
Quiver AI Summary
Blue Hat Interactive Entertainment Technology announced it received a delisting notice from Nasdaq due to its stock price closing at $0.10 or less for ten consecutive trading days, failing to meet the Low Priced Stocks Rule. Previously, the company was informed it had not complied with another listing rule, which allowed it until March 5, 2025, to regain compliance. However, the new ruling accelerated the delisting process, and the company has until January 31, 2025, to appeal the decision. If no appeal is filed, trading will be suspended on February 4, 2025. The company is exploring options to regain compliance, including the possibility of a reverse stock split.
Potential Positives
- The Company intends to appeal the Delisting Determination, which provides an opportunity to maintain its listing on The Nasdaq Capital Market.
- Blue Hat is actively considering options to regain compliance, including potential strategies like a reverse stock split, indicating proactive management in addressing financial challenges.
- The Company is diversifying its business by entering the commodity trading sector, which could open up new revenue streams and growth opportunities.
Potential Negatives
- Blue Hat is facing immediate delisting from Nasdaq due to its stock price falling below $0.10 for ten consecutive trading days, indicating financial instability.
- The company had previously been on notice for failing to meet the $1.00 per share minimum bid price, suggesting ongoing issues with share value that could undermine investor confidence.
- The requirement to consider a reverse stock split to regain compliance may indicate serious underlying financial challenges and could further dilute shareholder value.
FAQ
What caused Blue Hat to receive a delisting notification from Nasdaq?
Blue Hat received the delisting notification due to its securities having a closing bid price of $0.10 or less for ten consecutive trading days.
What actions will Blue Hat take regarding the delisting determination?
The Company intends to appeal the delisting determination by requesting a hearing before the January 31, 2025 deadline.
What happens if Blue Hat does not appeal the delisting determination?
If Blue Hat fails to appeal by January 31, 2025, trading of its ordinary shares will be suspended on February 4, 2025.
What compliance rule did Blue Hat fail to meet?
Blue Hat was not in compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii), known as the Low Priced Stocks Rule.
How is Blue Hat planning to regain compliance with Nasdaq rules?
Blue Hat is considering options to regain compliance, including seeking shareholders’ approval for a reverse stock split.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BHAT Hedge Fund Activity
We have seen 6 institutional investors add shares of $BHAT stock to their portfolio, and 1 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- UBS GROUP AG added 282,965 shares (+inf%) to their portfolio in Q3 2024, for an estimated $96,491
- CITADEL ADVISORS LLC added 100,171 shares (+inf%) to their portfolio in Q3 2024, for an estimated $34,158
- TAMAR SECURITIES, LLC added 23,121 shares (+inf%) to their portfolio in Q4 2024, for an estimated $3,179
- TWO SIGMA SECURITIES, LLC added 22,052 shares (+inf%) to their portfolio in Q3 2024, for an estimated $7,519
- GEODE CAPITAL MANAGEMENT, LLC added 18,062 shares (+141.4%) to their portfolio in Q3 2024, for an estimated $6,159
- XTX TOPCO LTD added 18,042 shares (+inf%) to their portfolio in Q3 2024, for an estimated $6,152
- SCHONFELD STRATEGIC ADVISORS LLC removed 17,700 shares (-13.1%) from their portfolio in Q3 2024, for an estimated $6,035
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
XIAMEN, China, Jan. 28, 2025 (GLOBE NEWSWIRE) --
Blue Hat Interactive Entertainment Technology (“Blue Hat” or the “Company”) (NASDAQ: BHAT)
, today announced that on January 24, 2025, it has received a letter from The Nasdaq Stock Market LLC (“Nasdaq”), notifying that the Company is not in compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii) (the “Low Priced Stocks Rule”), as the Company’s securities had a closing bid price of $0.10 or less for ten consecutive trading days from January 8, 2025 through January 23, 2025. The letter indicated that, as a result, the Nasdaq staff has determined to delist the Company’s ordinary shares from The Nasdaq Capital Market (the “Delisting Determination”).
As previously reported, on September 6, 2024, Nasdaq notified the Company that the bid price of its listed securities had closed at less than $1.00 per share over the previous 30 consecutive business days and, as a result, did not comply with Listing Rule 5550(a)(2). The Company was provided 180 calendar days, or until March 5, 2025, to regain compliance with this rule. The Delisting Determination ended the aforementioned compliance period before its expiration because the Company’s stock prices have triggered the Low Priced Stocks Rule. The Company was provided until January 31, 2025 to request an appeal of the Delisting Determination to the hearing panel.
The Company intends to request such hearing to appeal the Delisting Determination before that date, which will stay the suspension of its securities from the date of the request, during which time such securities will continue to be listed on The Nasdaq Capital Market.
If the Company fails to request an appeal of the Delisting Determination by January 31, 2025, trading of the Company’s ordinary shares will be suspended at the opening of business on February 4, 2025, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market.
The Company is considering all potential options available to it to regain compliance with the aforementioned rules, including seeking shareholders’ approval for a reverse stock split.
About Blue Hat
Blue Hat was formerly a provider of communication services, as well as a producer, developer, and operator of AR interactive entertainment games, toys, and educational materials in China. Leveraging years of technological accumulation and unique patented technology, Blue Hat is expanding its business to commodity trading, aiming to become a leading intelligent commodity trader worldwide. 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
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
