NEW YORK, May 3 (Xinhua) -- Blue Hat Interactive Entertainment Technology (Blue Hat), which sells electronic toys in China that use augmented reality (AR), on Friday lowered the proposed deal size for its upcoming initial public offering (IPO) to 7 million U.S. dollars.
The company now plans to raise the capital by offering 1.8 million shares at a price of 4 dollars per share by listing on the Nasdaq under the symbol BHAT. The toy maker had previously filed to offer 4.5 million shares at the same price on March 4 to raise 18 million dollars from the proposed IPO.
At the aforementioned share price, Blue Hat would raise 60 percent less in proceeds than previously anticipated, and command a market value of 139 million dollars.
ViewTrade Securities Inc. is the sole bookrunner on the deal. Deal timing remained undetermined.
Founded in 2010 and based in China's southeastern Fujian Province, the company mainly designs, develops and sells AR-based games and children's toys.
It booked 19 million dollars in sales for the 12 months ended Dec. 31, 2018, according to the official website of Nasdaq.
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