Summary by Moomoo AI
ContextLogic Inc., also known as Wish, announced on March 28, 2024, that leading proxy advisory firms ISS, Glass Lewis, and Egan-Jones have recommended that its stockholders vote in favor of an asset sale transaction with Qoo10 Pte. Ltd. The transaction involves the sale of substantially all of ContextLogic's assets, excluding certain tax attributes, marketable securities, and cash equivalents. The special meeting for stockholders to vote on the transaction is scheduled for April 12, 2024. The Board of Directors of ContextLogic unanimously supports the transaction, which is expected to be completed in the second quarter of 2024, subject to stockholder approval and customary closing conditions. The company has been advised by MacKenzie Partners, Inc. for proxy solicitation. The transaction is considered by the advisory firms and the Board to be the best alternative to maximize shareholder value, compared to liquidation, a business combination, or remaining a standalone company.