Blue Hat Interactive Entertainment Technology Announces Pricing of US$6.4 Million Public Offering

Rhea-AI Summary

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) قامت بتسعير عرض عام مكتتب من 32,000,000 وحدة بسعر 0.20 دولار أمريكي للوحدة، مع توقع جمع نحو US$6.4 مليون قبل النفقات. كل وحدة تتضمن سهماً عادياً واحداً ومَرفقةً بمِحوَّلٍ يمنح حقاً في ممارسة شراء سهم واحد. من المتوقع أن تغلق عملية العرض في 23 فبراير 2026.

تنهى صلاحيّة المَحوِّلات بعد سنة من الإصدار، وتتضمن تعديلات سعر التمرين بعد الإغلاق وتسمح بخيار تمرين بسعر صفري يمنح حامليها مضاعف الأسهم العادية عند التمرين. تعتزم الشركة استخدام العائدات لأغراض رأس المال العامل ولأغراض الشركة العامة.

Positive

• Gross proceeds of approximately US$6.4 million
• Firm commitment underwriting by Maxim Group
• Registration declared effective by SEC on Feb 17, 2026

Negative

• Issuance of 32,000,000 ordinary shares may dilute existing shareholders
• Warrants allow a zero-price exercise that doubles share issuance upon exercise
• Warrant exercise price adjustments to 70% and 50% of initial price reduce future cash proceeds

Market Reaction

-78.72% $0.09 3.9x vol

15m delay 9 alerts

-78.72% Since News

-16.0% Trough in 5 min

$0.09 Last Price

$0.08 $0.48 Day Range

-$60M Valuation Impact

$16M Market Cap

3.9x Rel. Volume

Following this news, BHAT has declined 78.72%, reflecting a significant negative market reaction. Argus tracked a trough of -16.0% from its starting point during tracking. Our momentum scanner has triggered 9 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $0.09. This price movement has removed approximately $60M from the company's valuation. Trading volume is very high at 3.9x the average, suggesting heavy selling pressure.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Units Offered: 32,000,000 Units Unit Price: US$0.20 per Unit Gross Proceeds: US$6.4 million +5 more

8 metrics

Units Offered 32,000,000 Units Underwritten public offering

Unit Price US$0.20 per Unit Offering price

Gross Proceeds US$6.4 million Before underwriting discounts and expenses

Additional Units Option Up to 4,800,000 Units 15-day underwriter option

Warrant Exercise Price US$0.20 per share Initial exercise price, subject to resets

Warrant Term 1 year Expiration from date of issuance

Ordinary Share Par Value US$0.0000001 per share Par value of Ordinary Shares

Form F-1 File Number 333-293313 Registration statement declared effective Feb 17, 2026

Market Reality Check

Price: $0.4390 Vol: Volume 293,169 is at 0.33...

low vol

$0.4390 Last Close

Volume Volume 293,169 is at 0.33x the 20-day average, indicating muted pre-news trading. low

Technical Shares at 0.439 are trading below the 200-day MA of 1.55 and near the 52-week low of 0.40.

Peers on Argus

While BHAT was weak ahead of the offering, peers showed mixed moves: GXAI appear...

1 Up 1 Down

While BHAT was weak ahead of the offering, peers showed mixed moves: GXAI appeared in momentum scans down ~4.2% while TBH was up ~2.1%, and other gaming names showed modest gains or flat trading.

Previous Offering Reports

3 past events · Latest: Jan 13 (Negative)

Same Type Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Jan 13	Equity offering	Negative	-28.6%	$4.3M registered direct offering at $0.055 per share.
Jan 08	Equity offering	Negative	-25.6%	$3.9M registered direct offering at $0.07 per share.
Jan 06	Equity offering	Negative	-39.5%	$4.4M registered direct offering of 55.2M shares.

Pattern Detected

Past equity offerings have coincided with substantial one-day share price declines, suggesting a pattern of negative reactions to dilution-related news.

Recent Company History

Over the past year, Blue Hat combined a shift toward gold trading with repeated equity raises. Prior offerings in January 2025 raised about $3.9M–$4.4M each via registered direct deals at low share prices, all followed by double-digit percentage declines the next day. Alongside this, the company has expanded gold transactions and inventory. Today’s US$6.4M underwritten unit offering, again at a discounted price with warrants, continues the pattern of funding operations through share issuance while the stock trades near its 52-week low.

Historical Comparison

-31.2% avg move · In the past year, BHAT announced 3 equity offerings, each followed by double-digit declines, averagi...

offering

-31.2%

Average Historical Move offering

In the past year, BHAT announced 3 equity offerings, each followed by double-digit declines, averaging a -31.23% one-day move. The current US$6.4M unit deal fits this dilution-heavy pattern.

The company has repeatedly used equity offerings—via registered directs and now an underwritten unit deal—to raise several million dollars at low share prices, often paired with warrants.

Market Pulse Summary

The stock is dropping -78.7% following this news. A negative reaction despite the capital raise fits...

Analysis

The stock is dropping -78.7% following this news. A negative reaction despite the capital raise fits the historical pattern around BHAT’s offerings, which previously averaged about -31.23% on the day after announcement. The new US$6.4M unit deal at US$0.20 with resettable, one-year warrants adds another layer of dilution and potential selling pressure. With shares already trading below the 200-day MA and near the 52-week low, continued supply from new securities could pressure sentiment further.

Key Terms

underwritten public offering, firm commitment basis, par value, warrant, +4 more

8 terms

underwritten public offering financial

"today announced the pricing of its underwritten public offering (the “Offering”)"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

firm commitment basis financial

"32,000,000 Units on a firm commitment basis, at a price of US$0.20"

An agreement in which an underwriter agrees to buy an entire new stock or bond offering from a company and then resell it to the public, taking full responsibility for any unsold shares. Think of the underwriter as a store that buys all the inventory up front: this guarantees the company gets the money and gives investors certainty the deal will happen, while the underwriter’s risk and pricing choices can affect short‑term share availability and price stability.

par value financial

"one ordinary share, par value of US$0.0000001 per share"

Par value is the fixed amount printed on a bond or stock that represents its original value when issued. It’s like the face value of a coin or bill—what the issuer promises to pay back or the starting price of a stock—though it often doesn’t change with market prices. It matters because it helps determine certain financial details, like how much the company will pay back at maturity.

warrant financial

"and one warrant (each a “Warrant”) initially exercisable for one Ordinary Share"

A warrant is a time-limited financial contract that gives its holder the right to buy a company's shares at a set price before a specified date, like a coupon that lets you purchase stock at a fixed discount for a limited time. It matters to investors because warrants offer leveraged exposure to a stock’s upside and can dilute existing shareholders if exercised, so they affect potential gains and the company’s outstanding share count.

exercise price financial

"is exercisable immediately on the date of issuance at an exercise price of US$0.20"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

zero exercise price option financial

"be exercised in whole or in part by means of a zero exercise price option"

A zero exercise price option is a stock option that lets the holder convert the option into shares without paying any cash upfront because the strike price is set at zero. For investors, these awards act like immediate share grants: they increase the company’s outstanding shares (dilution), are treated as employee compensation for accounting and tax purposes, and signal how management is being paid, which can affect future earnings and shareholder value.

underwriter financial

"The Company has granted the underwriter a 15-day option to purchase"

An underwriter is a financial firm that evaluates, guarantees and helps sell a new security offering—such as a stock or bond—by buying the issue from the issuer and reselling it to investors or organizing the sale. Think of them as a bridge or safety net: they take on the risk, set the price, handle marketing and paperwork, and their work determines how much money a company can raise and how smoothly the offering reaches the market.

registration statement on Form F-1 regulatory

"A registration statement on Form F-1 (File No. 333-293313) was filed"

A registration statement on Form F-1 is a legal document companies file with regulators to offer their shares to investors in a foreign country or market. It provides essential information about the company's business, finances, and risks, helping investors make informed decisions about whether to buy its stock. This process ensures transparency and protects investors by making company details publicly available before trading begins.

AI-generated analysis. Not financial advice.

XIAMEN, China, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Blue Hat Interactive Entertainment Technology ("Blue Hat" or the "Company") (NASDAQ: BHAT), a Cayman Islands exempted company, today announced the pricing of its underwritten public offering (the “Offering”) of 32,000,000 Units on a firm commitment basis, at a price of US$0.20 per Unit. Each Unit consists of one ordinary share, par value of US$0.0000001 per share (each an “Ordinary Share”), of the Company and one warrant (each a “Warrant”) initially exercisable for one Ordinary Share. Gross proceeds to the Company, before deducting underwriting discounts and other offering expenses, are expected to be approximately US$6.4 million.

The Units have no stand-alone rights and will not be certificated or issued as stand-alone securities. Each Warrant will expire one year from the date of issuance, and is exercisable immediately on the date of issuance at an exercise price of US$0.20 per share (the “Initial Exercise Price”), subject to adjustment on the 2^nd and 5^th trading days following the closing of this Offering to the price that is equal to 70% and 50%, respectively, of the Initial Exercise Price of the Warrants, and the number of Ordinary Shares underlying the Warrants will be proportionately increased. The Warrants may, at any time following the closing of this Offering and within one year from the date of issuance, in the holders’ sole discretion, be exercised in whole or in part by means of a zero exercise price option, in which the holders will receive twice the number of Ordinary Shares that would be issuable upon a cash exercise of the Warrants, without payment of additional consideration.

The Offering is expected to close on February 23, 2026, subject to customary closing conditions. The Company intends to use the proceeds from the Offering for working capital and other general corporate purposes.

The Company has granted the underwriter a 15-day option to purchase up to 4,800,000 additional Units, which includes up to 4,800,000 Ordinary Shares and/or up to 4,800,000 Warrants, or any combination thereof, as determined by the underwriter, at its respective public offering prices less underwriting discounts and commissions.

Maxim Group LLC is acting as the sole underwriter. Pryor Cashman LLP is acting as U.S. securities counsel to the Company and Hunter Taubman Fischer & Li LLC is acting as U.S. securities counsel to the underwriter in connection with the Offering.

A registration statement on Form F-1 (File No. 333-293313) was filed with the U.S. Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on February 17, 2026. The Offering is being made only by means of a prospectus, copies of which may be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.

This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Blue Hat

Blue Hat was formerly a provider of communication services, as well as a producer, developer, and operator of AR interactive entertainment games, toys, and educational materials in China. Leveraging years of technological accumulation and unique patented technology, Blue Hat is expanding its business to commodity trading, aiming to become a leading intelligent commodity trader worldwide. For more information, please visit the Company’s investor relations website at http://ir.bluehatgroup.com. The Company routinely provides important information on its website.

Forward-looking Statements

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the products offered by Blue Hat and the markets in which it operates, and Blue Hat’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to: the ability of Blue Hat to maintain the listing of its securities on Nasdaq; the fact that the price of Blue Hat’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which Blue Hat operates; variations in performance across competitors; changes in laws and regulations affecting Blue Hat’s business and changes in its capital structure; the ability to implement business plans, meet forecasts and other expectations; its need for substantial additional funds; the parties’ dependence on third-party suppliers; risks relating to the results of research and development activities, market and other conditions; its ability to attract, integrate, and retain key personnel; risks related to its growth strategy; risks related to patent and intellectual property matters; and the ability to obtain, perform under and maintain financing and strategic agreements and relationships. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding Blue Hat’s business are described in detail in Blue Hat’s SEC filings which are available on the SEC’s website at www.sec.gov, including in Blue Hat’s Annual Report on Form 20-F and Blue Hat’s subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and Blue Hat expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

Contacts:

Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
Email: ir@bluehatgroup.net

FAQ

What size public offering did Blue Hat (BHAT) price on February 20, 2026?

Blue Hat priced an offering of 32,000,000 Units for about US$6.4 million gross. According to the company, each Unit includes one ordinary share and one warrant, sold at US$0.20 per Unit before underwriting discounts and expenses.

When is the Blue Hat (BHAT) offering expected to close and who underwrites it?

The offering is expected to close on February 23, 2026, subject to customary conditions. According to the company, Maxim Group is acting as sole underwriter and has a 15-day option for up to 4,800,000 additional Units.

What are the warrant terms in the BHAT public offering and how do they work?

Each Unit includes a warrant exercisable for one ordinary share, expiring one year from issuance. According to the company, warrants have post-closing price adjustments and allow holders a zero-price exercise to receive twice the number of ordinary shares.

How could the BHAT offering affect existing shareholders and dilution on February 20, 2026?

The offering issues 32,000,000 shares plus potential 4,800,000 overallotment and dilutive warrants. According to the company, the warrants’ zero-price exercise and price adjustments could materially increase share count if exercised.

What will Blue Hat (BHAT) use the proceeds from the US$6.4 million offering for?

Proceeds are planned for working capital and general corporate purposes. According to the company, net proceeds after underwriting discounts and expenses will be applied to operational needs and other general corporate uses.