ContextLogic expects $115M from rights offering

ContextLogic Holdings Inc. reports preliminary results of its rights offering, which allowed shareholders to buy up to 14,375,000 shares of common stock at $8.00 per share.

Rhea-AI Filing Summary

ContextLogic Holdings Inc. reports preliminary results of its rights offering, which allowed shareholders to buy up to 14,375,000 shares of common stock at $8.00 per share. According to the rights agent, 802,946 rights were exercised to purchase 429,463 shares.

Because most rights were not exercised, backstop investors will supply the remaining capital. BCP is expected to buy 11,156,429.60 Class A Convertible Preferred Units from ContextLogic Holdings, LLC for $89,251,436.80, while ACP I and ACP II are expected to buy 190,496 and 2,598,611 common shares for $1,523,968 and $20,788,888, respectively, all at $8.00 per unit or share.

The company expects total proceeds of $115,000,000 from the combination of the rights offering and the backstop agreements, providing a substantial capital infusion funded largely by the backstop parties rather than existing shareholders who chose not to exercise most of their rights.

Insights

Capital structure and transactions analyst

ContextLogic expects $115M in new capital, mostly from backstop investors.

The company outlines a rights offering that generated relatively low take-up, with 802,946 rights exercised for 429,463 common shares at $8.00. This indicates limited participation by existing shareholders at the stated terms.

As a result, the backstop agreements drive most of the funding. BCP is anticipated to purchase 11,156,429.60 Class A Convertible Preferred Units for $89,251,436.80, while ACP I and ACP II are expected to buy additional common shares totaling $22,312,856. Combined proceeds are expected to reach $115,000,000.

This structure shifts the primary funding role to institutional backstop investors rather than the broader shareholder base. Actual impact on ownership mix and future conversion of the preferred units will depend on the detailed terms of those securities, which are referenced but not fully described in this excerpt.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did ContextLogic Holdings Inc. (LOGCD) announce about its rights offering?

ContextLogic announced preliminary results of its rights offering, where shareholders could purchase up to 14,375,000 common shares. Only 802,946 rights were exercised, resulting in 429,463 shares sold at $8.00 per share, with the remainder expected to be covered by backstop investors.

How much capital is ContextLogic Holdings Inc. (LOGCD) expected to raise?

ContextLogic expects total proceeds of $115,000,000 from the combination of the rights offering and previously arranged backstop agreements. This total includes common shares sold to participating shareholders and significant purchases by institutional backstop investors at $8.00 per unit or share.

Who are the backstop investors in ContextLogic Holdings Inc.’s (LOGCD) rights offering?

The backstop investors are BCP Special Opportunities Fund III Originations LP, Abrams Capital Partners I, L.P., and Abrams Capital Partners II, L.P. They agreed to purchase securities if shareholder participation was insufficient, ensuring ContextLogic receives the targeted $115,000,000 in proceeds.

What securities will BCP purchase in the ContextLogic (LOGCD) financing?

BCP is anticipated to purchase 11,156,429.60 Class A Convertible Preferred Units from ContextLogic Holdings, LLC at $8.00 per unit, for a total of $89,251,436.80. These preferred units are part of the backstop structure supporting the company’s rights offering capital raise.

How many ContextLogic (LOGCD) shares will Abrams Capital entities buy and at what price?

Abrams Capital Partners I, L.P. is expected to buy 190,496 ContextLogic common shares, and Abrams Capital Partners II, L.P. 2,598,611 shares, each at $8.00 per share. Their total expected investments are $1,523,968 and $20,788,888, respectively, under the backstop agreements.

When did the ContextLogic (LOGCD) rights offering subscription period end?

The subscription period for the ContextLogic rights offering expired on February 20, 2026, at 5:00 p.m. in New York City. After this expiration time, preliminary results showed limited shareholder participation, triggering purchases under the previously arranged backstop agreements.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/23/2026 - 05:16 PM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 20, 2026 

ContextLogic Holdings Inc.

(Exact Name of Registrant as Specified in Its Charter)

DE		000-56773		27-2930953
(State or Other jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

2648 International Blvd., Ste 301 Oakland, CA		94601
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (415) 965-8476

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
None	None	None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

On February 20, 2026, at 5:00 p.m. in New York City (the “Expiration Time”), the subscription period expired for the previously announced rights offering (the “Rights Offering”) of ContextLogic Holdings Inc. (the “Company”) to distribute to the holders of the Company’s common stock, par value $0.0001 per share (“ContextLogic common stock”) subscription rights to purchase up to an aggregate of 14,375,000 shares of ContextLogic common stock.

As previously described in our Current Report on Form 8-K filed with the SEC on December 11, 2025, ContextLogic Holdings, LLC, a Delaware limited liability company (“Holdings”) entered into a backstop agreement with BCP Special Opportunities Fund III Originations LP, a Delaware limited partnership (“BCP”) on December 8, 2025 (the “BCP Backstop Agreement”), and the Company entered into backstop agreements with each of Abrams Capital Partners I, L.P., a Delaware limited partnership (“ACP I”) and Abrams Capital Partners II, L.P., a Delaware limited partnership (“ACP II”) on December 8, 2025 (the “Abrams Backstop Agreements” and, together with the BCP Backstop Agreement, the “Backstop Agreements”).

According to Equiniti Trust Company, LLC (the “Rights Agent”), as of the Expiration Time, approximately 802,946 subscription rights were exercised to purchase an aggregate of 429,463 shares of ContextLogic common stock. Based on these preliminary results, it is anticipated that: (i) BCP will purchase 11,156,429.60 Class A Convertible Preferred Units from Holdings at a price of $8.00 per Preferred Unit for an aggregate amount of $89,251,436.80 and (ii) each of ACP I and ACP II will purchase 190,496 and 2,598,611 shares of ContextLogic common stock, respectively, from the Company at a price of $8.00 per share of ContextLogic common stock, for aggregate amounts of (a) $1,523,968 for ACP I and (b) $20,788,888 for ACP II. The total expected proceeds from the Rights Offering and the Backstop Agreements is $115,000,000.

The results of the Rights Offering are preliminary and subject to change pending finalization of subscription procedures by the Rights Agent. The Company expects to file a Current Report on Form 8-K on or around February 26, 2026 that will include the final results of the Rights Offering.

If a subscription rights holder did not exercise its subscription rights prior to the Expiration Time, such rights have expired and are void and have no value. Subscription rights holders who have participated in the Rights Offering should expect to see the shares of ContextLogic common stock issued to them in uncertificated book-entry form. Any excess subscription payments received by the Rights Agent will be returned by the Rights Agent to such subscription rights holder via check without interest or deduction.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.			Description
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CONTEXTLOGIC HOLDINGS INC.
Date: February 23, 2026	By:	/s/ Mark Ward
		Mark Ward President Principal Executive Officer

Filing Exhibits & Attachments

3 documents

Other Documents

• EX-101 XBRL SCHEMA FILE 2.9 KB
• EX-101 XBRL LABEL FILE 33.4 KB
• EX-101 XBRL PRESENTATION FILE 21.8 KB