BlueCity Holdings Ltd (NASDAQ:BLCT) is trading higher Monday after the company announced it received an acquisition offer.
The proposed purchase price is $3.70 per ordinary share or $1.85 per American Depositary Share in cash.
The buyer group intends to fund the transaction with equity capital in the form of rollover capital and cash contributions.
BlueCity Holdings said it plans to form a special committee to consider the proposed transaction. The company does not plan to provide any further updates, except as required under applicable law.
BlueCity Holdings provides a comprehensive suite of services to foster connections and enhance the wellbeing of the LGBTQ community.
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BLCT Price Action: BlueCity Holdings has traded as low as $1.25 and as high as $20.46 over a 52-week period.
The stock was up 15.7% at $1.77 at time of publication.
