BLCT - BLCT STOCK NEWS

BlueCity Holdings Limited (NASDAQ: BLCT) held an extraordinary general meeting on July 29, 2022, where shareholders approved the Merger Agreement with Multelements Limited and Diversefuture Limited. Approximately 95.7% of the votes cast supported the merger, which will create a private company and terminate trading of its American depositary shares (ADSs) on the Nasdaq. The company aims to finalize the merger swiftly, contingent upon meeting specified conditions.

BlueCity Holdings Limited (NASDAQ: BLCT) has announced an extraordinary general meeting of shareholders (EGM) scheduled for July 29, 2022, to discuss and vote on a proposed merger with Multelements Limited. Upon completion of the merger, BlueCity will become a privately-held company, leading to the termination of its American depositary shares (ADSs) from the Nasdaq. Shareholders of record as of July 15, 2022, can vote at the EGM, where they will consider the approval of the merger agreement. The company urges shareholders to review the related materials filed with the SEC for important information.

BlueCity Holdings Limited (NASDAQ: BLCT) has promoted Mr. Junchen Sun to Chief Financial Officer, effective May 19, 2022. Mr. Sun, who has been acting CFO since May 2021, joined BlueCity in 2017. He has a robust background in finance, having previously worked as financial controller at MicroMedia Holdings and as a senior associate at PricewaterhouseCooper. BlueCity continues to strengthen its leadership team, aiming to achieve its strategic and financial objectives.

Blued, a leading LGBTQ+ community platform, has launched an HIV awareness and testing campaign in South Korea, partnering with YouTube influencers and NGOs like the Seoul iSHAP Center. The initiative aims to raise awareness of HIV testing and promote pre-exposure prophylaxis (PrEP). Users will see campaign visuals on the app, leading to informative livestreams scheduled for May 10 and May 17. Blued is committed to enhancing community health through local partnerships and has already initiated several health programs in the region.

Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) showcased its Intelligent Infrastructure Solution (IIS) during a visit from U.S. Transportation Secretary Pete Buttigieg in San Jose, California. The IIS aims to enhance transportation safety and efficiency through advanced lidar technology. Secretary Buttigieg highlighted the program's role in future infrastructure investments under the Bipartisan Infrastructure Law. Velodyne's IIS, featuring sensors and AI software from Bluecity, is deployed globally and aims to address critical road safety issues, especially for vulnerable communities.

BlueCity Holdings Limited (NASDAQ: BLCT) has announced a merger agreement with Multelements Limited, valuing the company at approximately $60 million. Each outstanding share will be canceled for $3.20 in cash, while American depositary shares (ADS) will be compensated at $1.60. The merger offers premiums of 16.8% and 19.21% over recent trading prices. The Buyer Group, led by Chairman Baoli Ma, aims to fund the deal through equity and cash and has secured support from shareholders holding around 70% of voting rights. The transaction is expected to close in H2 2022, resulting in BlueCity becoming privately held.

BlueCity (Nasdaq: BLCT) has won recognition in the WHO's inaugural Western Pacific Innovation Challenge for its Internet+ HIV interventions aimed at the LGBTQ community. This honor highlights BlueCity's efforts to improve health and well-being for over 1.9 billion people in the Asia Pacific region. The company, through its app Blued, connects 60 million users globally, offering vital services including HIV testing and counseling. BlueCity's innovative approach to digital health demonstrates its commitment to enhancing access to healthcare for its community.

BlueCity Holdings Limited (Nasdaq: BLCT) announced the filing of its Annual Report on Form 20-F for the fiscal year ending December 31, 2021. The report was submitted to the SEC on April 28, 2022, and is accessible on BlueCity's investor relations site. Shareholders can request a hard copy of the report containing audited consolidated financial statements at no charge. BlueCity is recognized as a leading online LGBTQ platform, connecting over 60 million registered users globally through its Blued app, offering diverse services that promote community health and well-being.

BlueCity Holdings Limited (NASDAQ: BLCT) announced a preliminary non-binding proposal on April 18, 2022, from its Founder Baoli Ma and Metaclass Management ELP to acquire all outstanding ordinary shares. The proposed purchase price is reduced from $3.70 to $3.20 per ordinary share ($1.85 to $1.60 per ADS). The Board has formed a Special Committee to evaluate the proposal. Shareholders are cautioned that no definitive agreement has been made yet, and the outcome of the proposed transaction remains uncertain as various macroeconomic factors impact the valuation.