Bluecity announces receipt of updated preliminary non-binding proposal

Beijing, april 18, 2022 (globe newswire) -- bluecity holdings limited (“bluecity” or the “company”) (nasdaq: blct), a leading online lgbtq platform, today announced that its board of directors (the “board”) has received a preliminary non-binding proposal letter dated april 18, 2022 (the “proposal letter”) from mr. baoli ma (the “founder”) and metaclass management elp, an affiliate of spriver tech limited (“sponsor,” and together with the founder, the “buyer group”), with respect to the proposed “going-private” transaction (the “proposed transaction”) wherein the buyer group proposes to acquire all of the outstanding ordinary shares of the company (the “ordinary shares”), including the class a ordinary shares represented by the american depositary shares of the company (the “adss,” each two representing one class a ordinary share) that are not already beneficially owned by the buyer group in a going private transaction. a copy of the proposal letter is attached hereto as exhibit a.
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