NetworkNewsBreaks – Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) Registered Direct Offering Results in $5.66M
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT), a leading producer, developer and operator of augmented reality interactive entertainment games, toys and educational materials in China, has closed a registered direct offering. The offering, conducted with two institutional investors, comprised the purchase and sale of 6,290,000 BHAT ordinary shares, which were sold for $0.90 per share. The transaction resulted in total gross proceeds of approximately $5.66 million for BHAT, before traditional fees and other estimated offering expenses have been deducted. In addition, the company issued unregistered warrants to the investors to purchase an additional 4,088,500 ordinary shares in a concurrent private placement; those warrants have an exercise price of $1.12 per share. BHAT intends to use the net proceeds from the offering for working capital and other general corporate purposes. The announcement noted that, after the closing, the BHAT has 53,417,200 ordinary shares outstanding.
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