Summary by Moomoo AI
ContextLogic Inc., also known as Wish, announced the adjournment of its Special Meeting of Stockholders originally scheduled for April 12, 2024, to April 18, 2024. The meeting's purpose is to secure stockholder approval for the proposed asset sale to Qoo10 Pte. Ltd., a subsidiary of Qoo10 Inc. Approximately 97% of the shares already voted are in favor of the transaction, but an additional 500,000 shares are needed to reach the majority approval required to finalize the deal. The adjournment is intended to provide additional time for stockholders to vote. ContextLogic emphasizes the importance of the vote, stating that a failure to vote equates to a vote against the transaction, which could result in lower post-closing cash and risk the value of the company's net operating loss carryforwards, estimated at $2.7 billion. The company urges stockholders to vote 'FOR' the transaction to protect their investment. The definitive proxy statement and other relevant documents have been filed with the SEC and are available to stockholders. The transaction is expected to close shortly after receiving stockholder approval.