Blue Hat Interactive Entmt Tec Stock Price, News & Analysis

Blue Hat Interactive Entertainment Technology (BHAT) reported disappointing financial results for the second quarter and first half of 2022. Total revenues fell to US $1.7 million, down 71.1% from the previous year, largely due to the adverse impact of COVID-19 lockdowns in China. The company posted a net loss from continuing operations of US $3.4 million in Q2, compared to a net income of US $0.7 million a year earlier. For the first half, revenues dropped 78.2% to US $2.0 million, with a net loss of US $6.2 million. As of June 30, 2022, cash reserves were US $0.3 million.

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced on December 6, 2022, that it has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The company failed to maintain a closing bid price of at least US$1.00 for 30 consecutive trading days, a requirement under Nasdaq Listing Rules. Blue Hat has until June 5, 2023, to regain compliance, during which its shares will continue to trade. The company plans to monitor its share price closely and consider options for achieving compliance if necessary.

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced the acquisition of Xiamen Shengruihao Technology Co., Ltd. by its subsidiary, Fujian Blue Hat. This acquisition, completed recently, involves 100% equity interests in Shengruihao, a company specializing in supply chain services. Shengruihao reported turnover of 45 million USD over six months, with Blue Hat expecting revenue contributions of 45-70 million USD annually. CEO Chen Xiaodong emphasized this deal's potential to enhance profitability and support future growth strategies.

On September 20, 2022, Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) announced a memorandum of understanding with Bigg World Pet Ltd. to act as a general agent for developing and operating strategy games like 'Mengqu Monopoly' in Southeast Asia. Bigg, known for its blockchain-driven O2O market, boasts over 10 million registered members in the region. CEO Chen Xiaodong emphasized that this partnership would enhance Blue Hat's market presence and operational capabilities across Southeast Asia.

Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has announced a joint operating agreement with Xiamen Traveler Network Technology Co., Ltd. to distribute its proprietary games, "cute monopoly" and "cute game box," globally. TravelerNetwork, with over 10 million paying users across various regions, will have exclusive marketing and distribution rights for these games. This partnership aims to open up overseas gaming markets, enhancing business outcomes for Blue Hat.