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Blue Hat Interactive's January 2025 Form 6-K: Capital Raise Insights & Compliance Details

$BHAT
Form 6-K
Filed on: 2025-01-07
Source
Blue Hat Interactive's January 2025 Form 6-K: Capital Raise Insights & Compliance Details

Here are the key insights extracted from the financial report (Form 6-K) of Blue Hat Interactive Entertainment Technology:

  1. Type of Filing: Form 6-K, a report of foreign private issuer, indicating compliance with SEC regulations.
  2. Company Information:
  • Name: Blue Hat Interactive Entertainment Technology
  • Location: 7th Floor, Building C, No. 1010 Anling Road, Huli District, Xiamen, China 361009
  • Commission File Number: 001-39001
  1. Date of Report: For the month of January 2025.
  2. Securities Purchase Agreements:
  • Date of Agreement: January 5, 2025.
  • Total Shares Issued: 55,200,000 ordinary shares at a purchase price of $0.08 each.
  • Gross Proceeds: Approximately $4.4 million from the registered direct offering, before fees and expenses.
  • Closing Date: January 7, 2025.
  • Intended Use of Proceeds: Working capital and general corporate purposes.
  1. Regulatory Compliance:
  • Shares were offered pursuant to a registration statement on Form F-3 (File No. 333-274893), declared effective by the SEC on January 26, 2024.
  1. Placement Agency Agreement:
  • Engaged Maxim Group LLC as the exclusive placement agent for the offering.
  • Placement agent fee: 7% of aggregate gross proceeds.
  • Reimbursement of expenses to Maxim capped at $50,000.
  • Right of first refusal granted to Maxim for six months post-closing.
  1. Restrictions Post-Offering:
  • The company is restricted from issuing additional shares or entering agreements to issue shares for 60 days following the closing date, with certain exceptions.
  1. Forward-Looking Statements: The report contains forward-looking statements regarding the company's financial performance and potential risks, acknowledging inherent uncertainties.
  2. Exhibits:
  • Exhibit 5.1: Opinion letter from Campbells regarding the legality of the issuance.
  • Exhibit 10.1: Placement Agency Agreement with Maxim Group LLC.
  • Exhibit 10.2: Form of Securities Purchase Agreements.
  • Exhibit 99.1: Press release on the pricing of the offering.
  1. Signature: The report is signed by Xiaodong Chen, Chief Executive Officer, on January 7, 2025.

This information provides a snapshot of Blue Hat Interactive's recent financial activity, specifically its efforts to raise capital through a registered direct offering and the conditions surrounding it.