BlueCity Announces Completion of Merger

BEIJING, Aug. 12, 2022 (GLOBE NEWSWIRE) -- BlueCity Holdings Limited (“BlueCity” or the “Company”) (NASDAQ: BLCT), a leading online LGBTQ platform, today announced that completion of the merger (the “Merger”) with Diversefuture Limited (the “Merger Sub”), a wholly-owned subsidiary of Multelements Limited (the “Parent”), pursuant to the previously announced Agreement and Plan of Merger (the “Merger Agreement”), dated as of April 30, 2022, among the Company, the Parent and the Merger Sub. As a result of the Merger, the Company became a wholly owned subsidiary of Parent and will cease to be a publicly traded company.

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