BLCT - BlueCity announces cut in purchase price for company under proposed going-private deal

American depositary shares of BlueCity Holdings (NASDAQ:BLCT) have fallen ~9% on Monday after the buyer group under a previously announced proposed going-private deal reduced the purchase price for the company. BlueCity had received a non-binding letter from its CEO and Spriver Tech in early January proposing to buy the rest of the buyer group's stake in the company for $1.85/american depositary share (ADS). BlueCity on Monday said that the purchase price had now been reduced to $1.60/ADS. BLCT stock was last -8.8% at $1.25 in early trade. BlueCity had formed a committee of three independent directors to evaluate the proposal, and the company said that the committee will continue its evaluation in light of the latest development.

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BlueCity announces cut in purchase price for company under proposed going-private deal