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Blue Hat Interactive's January 2025 SEC Filing: $4.3M Securities Offering Insights

$BHAT
Form 6-K
Filed on: 2025-01-14
Source
Blue Hat Interactive's January 2025 SEC Filing: $4.3M Securities Offering Insights

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

  1. Company Overview:
  • Name: Blue Hat Interactive Entertainment Technology
  • Type: Cayman Island exempted company
  • Address: 7th Floor, Building C, No. 1010 Anling Road, Huli District, Xiamen, China 361009.
  1. SEC Filing Details:
  • Form Type: 6-K
  • Commission File Number: 001-39001
  • Filing Date: January 14, 2025
  • Reporting Period: January 2025
  1. Securities Offering:
  • On January 11, 2025, Blue Hat entered into securities purchase agreements for a registered direct offering.
  • Total Shares Offered: 77,989,800 ordinary shares at a purchase price of $0.055 per share.
  • Gross Proceeds: Approximately $4.3 million before deductions for fees and expenses.
  • Closing Date of Offering: January 14, 2025.
  • Intended Use of Proceeds: Working capital and general corporate purposes.
  1. Placement Agent:
  • The company engaged Maxim Group LLC as the exclusive placement agent for the offering.
  • Placement Agent Fee: 7% of gross proceeds.
  • Additional Reimbursement: Up to $50,000 for legal and other expenses incurred by the placement agent.
  • Right of First Refusal: Granted to Maxim for six months from the closing date of the offering.
  1. Restrictions Following Offering:
  • The company agreed not to issue any additional shares or enter agreements to issue shares for 60 days post-closing, with some exceptions outlined in the purchase agreements.
  1. Regulatory Compliance:
  • The offering was made pursuant to a registration statement on Form F-3, which was previously filed and declared effective by the SEC.
  • Relevant documents, including the placement agency agreement and purchase agreements, are incorporated by reference.
  1. Forward-Looking Statements:
  • The document contains forward-looking statements regarding future events and the company's financial performance, subject to risks and uncertainties.
  1. Legal Opinions and Exhibits:
  • A legal opinion from Campbells regarding the legality of the issuance is included as Exhibit 5.1.
  • The press release related to the offering is included as Exhibit 99.1.

This summary provides a concise overview of the material events and agreements disclosed in the Form 6-K, particularly focusing on the registered direct offering and associated agreements.