Bluecity holdings limited announces receipt of a preliminary non-binding proposal to acquire the company

Beijing, jan. 03, 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 (the “proposal letter”), dated january 2, 2022, from mr. baoli ma, founder, chairman of the board and chief executive officer of the company (the “founder”), and spriver tech limited (together with the founder, the “buyer group”), 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 for a proposed purchase price of us$3.70 per ordinary share or us$1.85 per ads in cash (the “proposed transaction”). a copy of the proposal letter is attached hereto as exhibit a.
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