BlueCity Holdings (NASDAQ:BLCT) has announced a buyout offer for the company’s stock from Baoli Ma and Spriver Tech Limited.
Let’s dive into that news below with all the details traders need to know about it!
- According to a press release, the offer would have the group purchasing all outstanding shares of BLCT stock for $3.70 per Ordinary Share or $1.85 per ADS.
- Ma and Spriver Tech Limited will use cash to fund the deal.
- It’s worth noting that Baoli Ma is the founder, chairman, and CEO of BlueCity Holdings.
- A special committee is being formed of independent directors to consider the offer made by Ma and Spriver Tech Limited.
- The company only recently received the offer and hasn’t made a decision on it yet.
- BlueCity Holdings is an online LGBT platform. This has it offering “social networking, livestreaming and health-related services” to its users.
- The services are available in 13 languages and have more than 60 million registered users in about 170 countries.
News of the buyout offer from Ma and Spriver Tech Limited has BLCT stock seeing heavy trading today. As a result, some 14 million shares are trading as of Monday morning. For the record, the company’s daily average trading volume is closer to 130,000 shares.
BLCT stock is up 25.5% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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