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ContextLogic Inc. - $WISH STOCK NEWS

Welcome to our dedicated page for ContextLogic news (Ticker: $WISH), a resource for investors and traders seeking the latest updates and insights on ContextLogic stock.

ContextLogic Inc. (NASDAQ: WISH), commonly known as Wish, is a leading mobile e-commerce platform dedicated to connecting millions of consumers with an extensive range of affordable products delivered directly to their doors. Founded in 2011 and headquartered in San Francisco, Wish has expanded its operations globally, boasting additional offices in Shanghai, Toronto, Dublin, Amsterdam, and other major cities.

Wish’s mission is to provide an accessible and convenient shopping experience for everyone. The platform supports approximately 500,000 merchant partners and over 300 million users worldwide, who frequently rate it as the best mobile shopping app on iOS and Android platforms. Leveraging advanced technology and data science, Wish offers a highly visual, entertaining, and personalized shopping experience, making it a preferred choice for value-conscious consumers globally.

Recently, ContextLogic made significant strides by entering into an asset sale agreement with Qoo10 Pte. Ltd. (Qoo10). As per the agreement, which is pending shareholder approval, ContextLogic plans to sell certain assets to Qoo10. This transaction is anticipated to close shortly, following a successful vote by the majority of ContextLogic’s shareholders. This move is expected to maximize shareholder value by improving the company’s financial standing with an approximate $2.7 billion of net operating loss (NOL) carryforwards post-transaction.

The company has raised over a billion dollars from top-tier investment funds including Temasek, DST, GGV Capital, Founders Fund, and Jerry Yang’s AME Cloud. With these investments, Wish continues to innovate and enhance its platform to offer a seamless shopping experience to its customers.

With a focus on customer satisfaction, Wish continuously updates its product offerings and improves its delivery services to ensure a reliable and enjoyable shopping experience. The company’s strong financial position and strategic partnerships enable it to remain a key player in the e-commerce market.

For the latest updates, financial reports, and upcoming events, investors and stakeholders can visit the company’s investor relations website at https://ir.contextlogicinc.com.

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ContextLogic Inc. (NASDAQ: WISH) will change its ticker symbol from 'WISH' to 'LOGC' on May 13, 2024, following the sale of the Wish e-commerce platform. The company's Class A common stock will begin trading on NASDAQ under the new symbol without requiring any action from shareholders.

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ContextLogic Inc. reported its first-quarter 2024 financial results, including a 63% decrease in revenues, with net loss at $59 million. The company completed the sale of its assets to Qube Network Pte. , resulting in $161 million in Post-Closing Cash. Following the sale, the company is focusing on strategic opportunities for the benefit of shareholders.

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ContextLogic Inc. (WISH) is set to announce its first quarter 2024 financial results on May 8, 2024. The company will host a live conference call and webcast to discuss the results with shareholders, analysts, and portfolio managers.
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ContextLogic Inc. has completed the sale of its Wish ecommerce platform to Qoo10 for approximately $161 million in cash. The transaction enables the company to preserve around $2.7 billion of Net Operating Losses (NOLs). Rishi Bajaj has been appointed as the new Chief Executive Officer, with four new independent directors joining the Board of Directors. ContextLogic will continue as a publicly traded company with $161 million cash on hand and plans to trade under a new Nasdaq ticker symbol, 'LOGC', in the next 30 days.
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ContextLogic Inc. (WISH) announced the approval of the Asset Sale transaction with Qoo10 Pte. by its stockholders at a Special Meeting. The transaction is expected to close on April 19, 2024, with Rishi Bajaj becoming the new CEO. The approval required the majority vote of outstanding shares, with 51.5% in favor. Qoo10 will acquire ContextLogic's Wish ecommerce platform for $173 million in cash.
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ContextLogic Inc. (WISH) urges stockholders to vote 'FOR' the proposed transaction with Qoo10 Pte. at the upcoming Special Meeting of Stockholders to preserve and maximize value. The transaction will allow ContextLogic to continue as a publicly traded company with $2.7 billion NOL carryforwards, aiming to use the proceeds to enhance shareholder value.
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ContextLogic, known as Wish (WISH), urges stockholders to vote 'FOR' the proposed transaction with Qoo10 Pte. Less than 350,000 shares are needed for approval. The transaction aims to continue as a publicly traded company with $2.7 billion NOL carryforwards. Failure to approve may lead to winding down and lower stockholder distributions.
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ContextLogic Inc. (WISH) announces that 97% of shares have voted in favor of the proposed asset sale transaction to Qoo10 Pte. Approximately 500,000 additional votes are needed for the transaction to proceed. The special meeting has been adjourned to reconvene on April 18, 2024. Stockholders are urged to vote 'FOR' the transaction to safeguard their investment in ContextLogic, ensuring the company's future as a publicly traded entity with significant net operating loss carryforwards.
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ContextLogic Inc. (WISH) urges stockholders to vote 'FOR' the proposed Asset Sale transaction with Qoo10 Pte. to protect the value of their investment. The transaction will provide ContextLogic with $150-157 million of post-closing cash and $2.7 billion of NOL carryforwards, reducing cash burn and preserving significant value for stockholders.
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ContextLogic Inc. (WISH) urges stockholders to vote for the value-maximizing transaction with Qoo10 at the upcoming Special Meeting. The proposed Asset Sale transaction aims to continue the company as a publicly traded entity with $2.7 billion NOL carryforwards. The estimated post-closing cash after the transaction is expected to be $150-157 million, subject to a purchase price adjustment. Delay in stockholder approval could lead to a significant decrease in post-closing cash. Leading proxy advisory firms recommend voting for the transaction to maximize the value of the company's NOLs and explore opportunities with a financial sponsor. The electronic voting deadline is April 11, 2024, with the transaction anticipated to close in the second quarter of 2024.
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FAQ

What does ContextLogic Inc. (Wish) do?

ContextLogic Inc., known as Wish, is a mobile e-commerce platform that connects consumers with a wide range of affordable products delivered directly to their doors.

Where is Wish headquartered?

Wish is headquartered in San Francisco, California, with additional offices in cities such as Shanghai, Toronto, Dublin, and Amsterdam.

How many users and merchant partners does Wish support?

Wish supports over 300 million users and approximately 500,000 merchant partners worldwide.

What recent transaction has Wish entered into?

Wish has entered into an asset sale agreement with Qoo10 Pte. Ltd. (Qoo10), which is expected to close pending shareholder approval.

Who are some of Wish’s major investors?

Some of Wish’s major investors include Temasek, DST, GGV Capital, Founders Fund, and Jerry Yang’s AME Cloud.

What are the benefits of the asset sale to Qoo10?

The asset sale is expected to maximize shareholder value by improving the company’s financial position with an approximate $2.7 billion of net operating loss (NOL) carryforwards post-transaction.

How can stockholders vote on the asset sale transaction?

Stockholders can vote online, by phone, or by mail using the proxy card provided in the previously distributed proxy materials.

What happens if the asset sale transaction is approved?

If approved, ContextLogic will continue as a publicly traded company, with a focus on utilizing its NOLs to maximize value for its shareholders.

Where can I find more information about ContextLogic’s financials?

More information about ContextLogic’s financials can be found on the company's investor relations website at https://ir.contextlogicinc.com.

What are the latest updates and news about ContextLogic?

The latest updates and news about ContextLogic, including financial results and asset sale developments, can be accessed on their investor relations website.

ContextLogic Inc.

Nasdaq:WISH

WISH Rankings

WISH Stock Data

125.64M
21.31M
6.62%
49.78%
16.33%
Electronic Shopping
Retail Trade
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United States of America
SAN FRANCISCO