Summary by Moomoo AI
On April 19, 2024, ContextLogic Inc., also known as Wish, announced that its stockholders approved the sale of its assets to Qoo10 Pte. Ltd. The approval was obtained during a Special Meeting of Stockholders held the previous day, with approximately 51.5% of outstanding shares voting in favor, and 97% of those votes supporting the transaction. The deal, which involves the sale of ContextLogic's Wish ecommerce platform and related operating assets and liabilities, is valued at approximately $173 million in cash. Post-transaction, ContextLogic's cash on hand is expected to be around $161 million. The company also anticipates changing its Nasdaq ticker symbol to 'LOGC' within 30 days following the asset sale completion. The final vote results will be disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission. J.P. Morgan Securities LLC served as the financial advisor, and Sidley Austin LLP as legal counsel for the transaction.