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ContextLogic | DEFA14A: Others

SEC announcement · Mar 18 08:29

WISH -1.82%

Summary by Moomoo AI

ContextLogic Inc., operating as Wish, has announced a definitive proxy statement regarding its proposed asset sale to Qoo10 Pte. Ltd., a Singapore-based company. The transaction, which is set to be voted on at a special meeting on April 12, 2024, involves the sale of nearly all of ContextLogic's operating assets and liabilities, including its e-commerce platform, for approximately $173 million in cash, subject to adjustments. The estimated post-adjustment cash on hand for ContextLogic is projected to be between $150 million to $157 million if the sale concludes around April 16, 2024. The Board of Directors has unanimously recommended that stockholders vote in favor of the transaction, which is expected to preserve around $2.7 billion in Net Operating Losses (NOLs) carryforwards and certain retained assets. Post-sale, ContextLogic plans to have minimal operating expenses, no debt, and intends to explore opportunities to utilize its NOLs, potentially with the help of a financial sponsor. The transaction is anticipated to be completed in the second quarter of 2024, pending stockholder approval and other customary closing conditions. Definitive proxy materials have been filed with the U.S. Securities and Exchange Commission and mailed to stockholders.

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This announcement is a separate document:

Doc 1

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