BlueCity Shares Soar On Going-Private Transaction

• Online LGBTQ platform BlueCity Holdings Limited (NASDAQ: BLCT) has entered into a merger agreement to be acquired by a buyer group in an all-cash transaction, implying an equity value of $60 million for all shares.

• The proposed purchase price is $3.20 per ordinary share or $1.60 per ADS in cash.

• Also Read: Why BlueCity Holdings Stock Is Trading Higher Today

• The per ADS merger consideration represents a premium of 16.8% to the closing price on April 14, the last trading day before BlueCity announced its receipt of the revised "going-private" proposal.

• The buyer group comprising Baoli Ma, Metaclass Management ELP, and the CDH Entities look to fund the merger with rollover equity and cash.

• The merger is currently expected to close in the second half of 2022.

• Price Action: BLCT shares traded higher by 14.3% at $1.44 in the premarket on the last check Monday.

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