Benzinga | Jun 23, 2021 04:07PM EDT

Blue Hat Reports Receipt Of Nasdaq Notification Related To Minimum Bid Price Deficiency; Co. Has Til Dec. 15, 2021 To Regain Compliance

Blue Hat Interactive Entertainment Technology ("Blue Hat" or the "Company") (NASDAQ:BHAT), a leading communication services and Internet Data Center ("IDC") business provider and developer and operator of mobile games and augmented reality ("AR") education curriculum and products in China, today announced that 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 5550(a)(2) and 5810(c)(3)(A), which require that the closing bid price for the Company's ordinary shares listed on Nasdaq be maintained at a minimum of US$1.00 and failure to meet it for 30 consecutive trading days constitutes a compliance deficiency.

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

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has a period of 180 calendar days from the date of notification, or until December 15, 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 December 15, 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 December 15, 2021, the Company may be eligible for additional time to regain compliance or may be delisted from Nasdaq.

The Company intends to monitor the closing bid price of its ordinary shares between now and December 15, 2021. In the event the Company is not eligible for additional time to regain compliance with the Nasdaq requirements at the end of the first compliance period, the Company's Board of Directors will consider options that may be available to achieve compliance.