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Today is Last Day for ContextLogic Stockholders to Vote at Upcoming Special Meeting
Critical that Stockholders Approve Transaction to Protect the Value of their Investment
Not Voting is the Same as Voting Against the Transaction and
Could Result in Severe Value Destruction
SAN FRANCISCO, April 11, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish) (NASDAQ:WISH) ("ContextLogic" or the "Company") today urged stockholders to vote immediately "FOR" the proposed Asset Sale transaction with Qoo10 Pte. Ltd. ("Qoo10") in connection with the special meeting of stockholders (the "Special Meeting") being held on Friday, April 12, 2024, at 10:00 a.m. Pacific Time.
VOTING TODAY "FOR" THE TRANSACTION IS EXTREMELY IMPORTANT AND CRITICAL TO THE FUTURE OF YOUR INVESTMENT IN CONTEXTLOGIC
Upon closing of the transaction, ContextLogic will continue as a publicly traded company with ~$2.7 billion of net operating loss ("NOL") carryforwards and $150-157 million of post-closing cash (cash on hand and marketable securities, plus the cash proceeds from the Asset Sale, assuming an April 16th close). Maximizing the Company's post-closing cash will best position the Company's post-closing Board and leadership to pursue transactions that will utilize those tax assets for the benefit of ContextLogic stockholders. To realize the benefits of this value-maximizing transaction, the holders of a majority of our outstanding shares must vote in support.
Posted In: WISH
