Blue Hat Interactive Entertainment Technology (NASDAQ:BHAT) announced it has priced an underwritten public offering expected to generate gross proceeds of approximately $6.4 million.
The Cayman Islands–incorporated company is issuing 32,000,000 units at $0.20 per unit on a firm commitment basis. Each unit consists of one ordinary share, with a par value of $0.0000001, and one warrant to purchase an additional ordinary share.
The warrants are exercisable immediately at $0.20 per share and will expire one year from issuance. The exercise price is subject to potential downward adjustments on the second and fifth trading days after the offering closes, to levels equal to 70% and 50%, respectively, of the initial exercise price. If adjusted, the number of shares underlying the warrants will increase proportionately.
Holders may also opt to exercise the warrants on a cashless basis at any time within one year of issuance. Under this feature, investors would receive twice the number of ordinary shares that would have been issued in a standard cash exercise, without paying additional consideration.
The offering is expected to close on February 23, 2026, pending customary closing conditions. Blue Hat said it intends to use the proceeds for working capital and general corporate purposes.
The company has also granted the underwriter a 15-day option to purchase up to an additional 4,800,000 units, which may include ordinary shares, warrants, or a combination of both, at the public offering price less underwriting discounts and commissions.
Maxim Group LLC is acting as sole underwriter. Pryor Cashman LLP is serving as U.S. securities counsel to Blue Hat, while Hunter Taubman Fischer & Li LLC is advising the underwriter.
The offering is being conducted pursuant to a Form F-1 registration statement that was declared effective by the U.S. Securities and Exchange Commission on February 17, 2026. Shares are being offered solely by means of a prospectus filed with the SEC.
Blue Hat, which previously focused on communications services and augmented reality entertainment products in China, is now repositioning its business toward commodity trading, aiming to develop into a technology-driven global commodity trader.