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BlueCity (BLCT) Announces Receipt of Updated Preliminary Non-Binding Proposal

  • April 30, 2022


StockBlueCity Holdings LimitedSymbolBLCT
Date Announced04/18/2022Source Press Release
TypeUnsolicited BidAcquiring Company/Person Multelements Limited
Date of Confirmation: 04/30/2022Price at Confirmation: $1.26
Potential Profit: -0.79%Annualized Profit: -23.95%

BlueCity Holdings Limited (BLCT), a leading online LGBTQ platform, announced that its Board of Directors has received a preliminary non-binding proposal letter dated April 18, 2022, from Mr. Baoli Ma (the “Founder”) and Metaclass Management ELP, an affiliate of Spriver Tech Limited, with respect to the proposed “going-private” transaction wherein the Buyer Group proposes to acquire all of the outstanding ordinary shares of the Company.


April 30, 2022: BlueCity Holdings Limited (BLCT), announced that it has entered into an Agreement and Plan of Merger with Multelements Limited, Diversefuture Limited, a wholly-owned Subsidiary of Parent, pursuant to which the Company will be acquired by a buyer group in an all-cash transaction implying an equity value of the Company of approximately US$60 million for all of the Company’s outstanding ordinary shares.

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