ContextLogic Inc., operating as Wish and listed on NASDAQ under the ticker WISH, has issued a final plea to its stockholders to vote in favor of a proposed asset sale to Qoo10 Pte. Ltd. The press release, dated April 11, 2024, emphasizes the urgency for stockholders to vote at the special meeting scheduled for April 12, 2024. The transaction involves the sale of substantially all of ContextLogic's assets, excluding certain tax attributes, marketable securities, and cash equivalents. The company highlights the transaction's potential to maximize shareholder value, reduce cash burn to nearly zero, and preserve the company's net operating loss carryforwards, which amount to approximately $2.7 billion. The post-closing cash is estimated to be between $150-157 million, assuming the asset sale closes on...Show More

ContextLogic Inc., operating as Wish and listed on NASDAQ under the ticker WISH, has issued a final plea to its stockholders to vote in favor of a proposed asset sale to Qoo10 Pte. Ltd. The press release, dated April 11, 2024, emphasizes the urgency for stockholders to vote at the special meeting scheduled for April 12, 2024. The transaction involves the sale of substantially all of ContextLogic's assets, excluding certain tax attributes, marketable securities, and cash equivalents. The company highlights the transaction's potential to maximize shareholder value, reduce cash burn to nearly zero, and preserve the company's net operating loss carryforwards, which amount to approximately $2.7 billion. The post-closing cash is estimated to be between $150-157 million, assuming the asset sale closes on April 16, 2024. ContextLogic warns that failure to approve the deal could lead to severe value destruction for stockholders. The company has made electronic voting available until 11:59 p.m. Eastern Time on April 11, 2024, and has engaged MacKenzie Partners, Inc. to assist with proxy solicitation. Additional information about the transaction can be found on ContextLogic's investor relations website.