蓝帽子美股招股说明书(2022-10-14版)

424B51e4139424b5.htmFORM424B5 FiledpursuanttoRule424(b)(5)RegistrationNo.333-249056 ProspectusSupplement (ToProspectusDatedOctober6,2020) BLUEHATINTERACTIVEENTERTAINMENTTECHNOLOGY UptoUS$1,705,000OrdinarySharesIssuableupontheconversionof 6%ConvertibleNoteDueJanuary14,2024 Pursuanttothisprospectussupplementandtheaccompanyingprospectus,weareoffering,fromtimetotime,theOrdinarySharesoftheCompany,parvalue0.001,foranaggregateofferingpriceofUS$1,550,000,issuableupontheconversionofUS$1,705,000principalamountof6%convertiblenotedueJanuary14,2024(the“Note”)andinterestaccruedthereontoStreetervilleCapital,LLC(the“Investor”). TheNotewaspurchasedbytheInvestorfromuspursuanttoasecuritiespurchaseagreementonOctober14,2022.TheNotehasaprincipalamountofUS$1,705,000(the“Principal”)andbearsasimpleinterestratethatequalstosixpercent(6%)perannum,payableafterthePurchasePriceDate(asdefinedintheNote),unlessearlierprepaid,orconverted.TheNotehasaconversionprice(the“ConversionPrice”)equaltoeightypercent(80%)ofthelowestdailyVWAP(thedollarvolume-weightedaveragepriceforordinarysharesontheNasdaqCapitalMarket)duringtheten(10)consecutivetradingdaysimmediatelyprecedingtheconversiondateorotherdateofdetermination,butnotlowerthanUS$0.70perOrdinaryShareoranyresetlowestpriceasapplicable(the“FloorPrice”).IfthedailyVWAPislessthantheinitialFloorPriceformorethan15tradingdaysduringany20consecutivetradingdayperiod,thentheinitialFloorPricewillbereducedtoseventy-fivepercent(75%)ofclosingbidpriceofthesameday.ThePrincipalandtheinterestpayableundertheNotewillbecomedueandpayablefifteen(15)monthsafterthePurchasePriceDate(the“MaturityDate”),unlessearlierconvertedorprepaidbyus.AtanytimefromthePurchasePriceDateuntiltheOutstandingBalance(asdefinedintheNote)hasbeenpaidinfull,theInvestormayconverttheNoteattheiroptionintoourOrdinarySharesattheConversionPrice,providedthat,innoeventshalltheConversionPricebelessthantheFloorPrice.Wehavetheright,butnottheobligation,toprepay(“OptionalPrepayment”)aportionorallamountsoutstandingundertheNotepriortotheMaturityDateatacashpriceequalto115%oftheoutstandingPrincipalbalancetobeprepaidandplusaccruedandunpaidinterest,andweprovidetheholderoftheNotenotlessthanten(10)businessdays’priorwrittennoticeofourdesiretoexerciseanOptionalPrepayment. ForamoredetaileddescriptionoftheOrdinarySharesandtheNote,seethesectionentitled“TheOffering”onpageS-4. OurOrdinarySharesarelistedontheNasdaqCapitalMarketunderthesymbol“BHAT.”OnOctober13,2022,theclosingpriceoftheOrdinarySharesontheNasdaqCapitalMarketwasUS$1.06perOrdinaryShares. Theaggregatemarketvalueofourordinarysharesheldbynon-affiliateswasapproximately$16.54million,basedon8,070,538ordinarysharesheldbynon-affiliates(outof9,479,948ordinarysharesissuedandoutstanding)onOctober13,2022,andaperordinarysharepriceof$2.05basedontheclosingsalepriceofourordinarysharesonNasdaqonAugust16,2022.Duringtheprior12calendarmonthperiodthatendsonandincludesthedateofthisprospectussupplement,weissuedandsoldatotalof$3.6millionofsecuritiespursuanttoGeneralInstructionI.B.5.ofFormF-3andaccordinglywemaysellupto$1.9millionofourordinaryshareshereunder. WeareaholdingcompanyincorporatedintheCaymanIslandsandarenotaChineseoperatingcompany.Asaholdingcompanywithnomaterialoperationsofourown,weconductasubstantialmajorityofouroperationsthroughourPRCsubsidiaries,ourvariableinterestentities,ortheVIEs,andsubsidiariesofVIEsinthePeople’sRepublicofChina.WeoperateandmanageandreceivetheeconomicbenefitsoftheVIEsandtheirsubsidiaries’businessoperationsthroughcertaincontractualarrangements.OurordinarysharesaresharesofanoffshoreholdingcompanyinsteadofsharesofoursubsidiariesortheVIEsinChina.TheVIEstructureisusedtoreplicateforeigninvestmentinChina-basedcompanieswhereChineselawprohibitsdirectforeigninvestmentintheVIEsandtheirsubsidiaries.YouwillonlyinvestinourholdingcompanyandwillneverdirectlyholdequityinterestsintheVIEsandtheirsubsidiaries. BecausewedonotdirectlyholdequityinterestsintheVIEsandtheirsubsidiaries,wearesubjecttorisksanduncertaintiesoftheinterpretationsandapplicationsofPRClawsandregulations,includingbutnotlimitedto,limitationsonforeignownershipofInternetcompanies,regulatoryreviewofoverseaslistingofPRCcompaniesthroughspecialpurposevehicles,andthevalidityandenforcementofthecontractualarrangementsamongWFOEs,theVIEsandtheirshareholders.WearealsosubjecttotherisksanduncertaintiesaboutanyfutureactionsofthePRCgovernmentinthisregardthatcoulddisallowtheVIEstructure,whichwouldlikelyresultinamaterialchangeinouroperations,andthevalueofourordinarysharesmaydepreciatesignificantly. WearesubjecttocertainlegalandoperationalrisksassociatedwithbeingbasedinChina.PRClawsandregulationsgoverningourcurrentbusinessoperationsaresometimesvagueanduncertain,andasaresulttheserisksmayresultinmaterialchangesintheoperationsoftheVIEsandtheirsubsidiaries,significantdepreciationofthevalueofourordinaryshares,oracompletehindranceofourabilitytoofferorcontinuetoofferoursecuritiestoinvestors.Recently,thePRCgovernmentadoptedaseriesofregulatoryactionsandissuedstatementstoregulatebusinesso