Proposed Transaction Ensures Preservation of $2.7 billion in NOLs
Outlines Support for Transaction from
Special Meeting of Stockholders is
The ContextLogic Board of Directors reiterates its belief that the proposed transaction will reduce substantially all of the cash burn, monetize operating assets at the highest value available and preserve significant value for stockholders. To date, numerous independent parties have supported this value-maximizing transaction:
- “This asset sale preserves cash for the benefit of all stockholders. Importantly, this asset sale also preserves
$2.7 billion in net operating losses (“NOLs”). These NOLs are very valuable, and this transaction ensures that NOLs will survive for the benefit of all stockholders.” –Rescue WISH andCannell Capital LLC in itsMarch 19, 2024 press release - “The proposed transaction appears to be the best available alternative, including a liquidation, a business combination, or remaining a standalone company, to maximize value for stockholders…a vote FOR this transaction is warranted.” –
Institutional Shareholder Services in itsMarch 27, 2024 recommendation - “After careful consideration, we believe that approval of the transaction is in the best interests of
ContextLogic stockholders…we recommend a vote FOR the transaction.” – Egan-Jones in itsMarch 27, 2024 recommendation - “…we believe the Asset Sale likely represents the highest available value for the Company at this time…we recommend that stockholders vote FOR this proposal.” – Glass Lewis in its
March 28, 2024 recommendation
To ensure your shares are represented at the Special Meeting on
The Company expects to complete the transaction in the second quarter of 2024, subject to the approval of ContextLogic’s stockholders and other customary closing conditions.
If you have any questions, or need assistance in voting your shares on the proxy card, please contact our proxy solicitor:
Call Toll-Free (800) 322-2885
Email: proxy@mackenziepartners.com
For more information on the transaction, please visit ir.wish.com/.
About Wish
Wish brings an affordable and entertaining shopping experience to millions of consumers around the world. Since our founding in
Additional Information and Where to Find It
In connection with the Asset Sale to the acquiring subsidiary designated by Qoo10 (the “Buyer”), the Company has filed with the
Forward Looking Statements
Except for historical information, all other information in this communication consists of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and related oral statements the Company, Qoo10 or the Buyer may make, are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. For example, (1) conditions to the closing of the Transactions may not be satisfied, (2) the timing of completion of the Transactions is uncertain, (3) the amount of the purchase price adjustment under the asset purchase agreement with
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents of the Company on file with the
Contacts
Investor Relations:
ir@wish.com
Media:
press@wish.com
Collected Strategies
WISH-CS@collectedstrategies.com
A PDF accompanying this announcement is available at:
http://ml.globenewswire.com/Resource/Download/764e6896-f9a4-4d0f-b15a-a5de28af5d69
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/fab49fbf-71f0-400c-bded-c1512f2bf1db
https://www.globenewswire.com/NewsRoom/AttachmentNg/1f9bc350-f28a-41ec-93cc-b5c6bdc78575
CLI Infographic for SH #3
CLI Infographic for SH #3
CLI Infographic for SH #3
CLI Infographic for SH #3
2024 GlobeNewswire, Inc., source