ContextLogic Inc., known for its Wish ecommerce platform, has filed definitive additional proxy materials with the U.S. Securities and Exchange Commission (SEC) in preparation for a Special Meeting of Stockholders scheduled for April 12, 2024. The purpose of the meeting is to seek stockholder approval for the proposed acquisition of ContextLogic's operating assets and liabilities by Qoo10 Inc., a Delaware corporation, and its parent company Qoo10 Pte. Ltd., a Singapore private limited company. The transaction, valued at approximately $173 million in cash with potential price adjustments, was first announced on February 12, 2024, and excludes certain tax attributes and marketable securities held by ContextLogic. The ContextLogic Board of Directors unanimously supports the sale, which they believe will maximize stockholder value by preserving around $2.7 billion in...Show More

ContextLogic Inc., known for its Wish ecommerce platform, has filed definitive additional proxy materials with the U.S. Securities and Exchange Commission (SEC) in preparation for a Special Meeting of Stockholders scheduled for April 12, 2024. The purpose of the meeting is to seek stockholder approval for the proposed acquisition of ContextLogic's operating assets and liabilities by Qoo10 Inc., a Delaware corporation, and its parent company Qoo10 Pte. Ltd., a Singapore private limited company. The transaction, valued at approximately $173 million in cash with potential price adjustments, was first announced on February 12, 2024, and excludes certain tax attributes and marketable securities held by ContextLogic. The ContextLogic Board of Directors unanimously supports the sale, which they believe will maximize stockholder value by preserving around $2.7 billion in Net Operating Losses (NOLs) and other tax attributes. The transaction is expected to close in the second quarter of 2024, subject to stockholder approval and customary closing conditions. Stockholders of record as of March 7, 2024, are eligible to vote. The company's CFO and COO, Vivian Liu, has been offered a senior position at Wish post-transaction, while CEO Joe Yan and other executives do not plan to join Qoo10. The definitive proxy statement contains important information for stockholders, who are urged to read it thoroughly before voting.