Summary by Moomoo AI
ContextLogic Inc., operating as Wish and listed on NASDAQ under the ticker WISH, has issued a reminder to its stockholders to vote in favor of a proposed asset sale to Qoo10 Pte. Ltd., a Singapore-based company. The special meeting for the vote is scheduled for April 12, 2024. This transaction is aimed at reducing the company's cash burn, monetizing operating assets, and preserving $2.7 billion in net operating losses (NOLs) for stockholders. The transaction has received support from various independent parties, including Rescue WISH and Cannell Capital LLC, Institutional Shareholder Services, Egan-Jones, and Glass Lewis, all of whom have recommended stockholders to vote for the deal. The press release, dated April 3, 2024, also mentions that the transaction is expected to be completed in the second quarter of 2024, subject to stockholder approval and other customary closing conditions. Stockholders are encouraged to vote by the deadline on April 11, 2024, and can seek assistance from MacKenzie Partners, Inc. if needed.