BlueCity Holdings Limited (NASDAQ: BLCT) disclosed that its board of directors has created a special committee. The committee is comprised of three independent directors, Wenjie (Jenny) Wu, Shengwen (Roy) Rong, and Guojie Shi. The purpose of the formation of the committee is to assess and consider the earlier disclosed initial non-binding proposal letter dated January 2, 2022.

The company has disclosed that Wenjie (Jenny) Wu will chair the special committee. Moreover, the Board has warned the Company’s shareholders and others planning to commence trading the Company’s securities that no decisions have been made regarding the Proposal.

Furthermore, the company disclosed that there is no guarantee that any definitive offer will be obtained, or any definitive agreement will be completed relating to the transaction contemplated by the Proposal, or that the transaction anticipated by the Proposal, or any other similar transaction will be accepted or concluded.

In addition, the Company does not assume any duty to offer any updates concerning any transaction, unless required under applicable law.