Blue Hat Interactive Entertainment Technology, which sells electronic toys in China that use augmented reality, lowered the proposed deal size for its upcoming IPO on Friday.
The Xiamen, China-based company now plans to raise $7 million by offering 1.8 million shares at a price of $4. The company had previously filed to offer 4.5 million shares at the same price At $4, Blue Hat would raise 60% less in proceeds than previously anticipated, and command a market value of $139 million.
Blue Hat Interactive Entertainment Technology was founded in 2010 and booked $19 million in sales for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol BHAT. ViewTrade is the sole bookrunner on the deal. Deal timing has yet to be determined.
