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. The special stockholders' meeting is scheduled for April 12, 2024, with stockholders of record as of March 7, 2024, eligible to vote. The transaction, which is expected to close on April 16, 2024, would result in post-closing cash ranging from $150-157 million for ContextLogic. The deal also aims to preserve $2.7 billion in net operating losses, which the company plans to utilize expeditiously. The board believes this transaction will reduce the company's cash burn and monetize operating assets at the highest value possible, while preserving significant value for stockholders. The completion of the transaction is anticipated in the second quarter of 2024, subject to stockholder approval and customary closing conditions. The press release was first made available on March 25, 2024, and provides additional information on the company's website.