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Interactive Content Leader Blue Hat Closes a Direct Offering

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Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT), a leading producer, developer and operator of augmented reality interactive entertainment games, toys and educational materials in China, today announced that it has closed a registered direct offering with two institutional investors, for the purchase and sale of 6,290,000 of its ordinary shares at a price of $0.90 per share, resulting in total gross proceeds of approximately $5.66 million, before deducting the placement agent’s fees and other estimated offering expenses. The Company also issued to the investors unregistered warrants to purchase up to 4,088,500 ordinary shares in a concurrent private placement. The warrants have an exercise price of $1.12 per share, will be exercisable immediately and will expire three years following the date of issuance. The Company has 53,417,200 ordinary shares outstanding after the closing.

The net proceeds of approximately $5.23 million from this offering will be used for working capital and other general corporate purposes.

FT Global Capital, Inc. acted as the exclusive placement agent for the transaction.

Pryor Cashman LLP acted as counsel to the Company and Schiff Hardin LLP acted as counsel to the Placement Agent in connection with the placement.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

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