Summary by Moomoo AI
On April 19, 2024, ContextLogic Inc. completed the sale of substantially all of its assets to Qube Network Pte. Ltd., an affiliate of Qoo10 Inc. The sale, which was previously announced and detailed in an Asset Purchase Agreement dated February 10, 2024, resulted in ContextLogic receiving approximately $161 million in cash after adjustments. The buyer also assumed most of the company's liabilities. This strategic move is expected to allow ContextLogic to preserve around $2.7 billion in federal income tax net operating loss carryforwards and other tax attributes. In conjunction with the asset sale, ContextLogic terminated its Revolving Credit Facility with JPMorgan Chase Bank, N.A. The company also announced changes to its Board of Directors and senior management, with Rishi Bajaj becoming the CEO and the...Show More