ContextLogic Files Definitive Proxy Statement Regarding Proposed Transaction with Qoo10
SAN FRANCISCO, March 18, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish) (NASDAQ: WISH) (“ContextLogic” or the “Company”) today announced that a special meeting of its stockholders has been called to consider and vote on its proposed transaction with Qoo10 Pte. Ltd. (“Qoo10”), among other related proposals (the “Special Meeting”). As previously announced on February 12, 2024, a Qoo10 wholly owned subsidiary (the “Buyer”) will acquire substantially all of the Company’s operating assets and liabilities, principally comprising its Wish ecommerce platform (the “Asset Sale”), for approximately $173 million in cash, subject to certain purchase price adjustments. Taking into account the Company’s current estimates of the impact of those purchase price adjustments, the Company estimates that ContextLogic’s cash on hand (including the net proceeds from the Asset Sale) would be approximately $150 million to $157 million if the Asset Sale closes on or about April 16, 2024.
- The ContextLogic Board of Directors (the “Board”) unanimously recommends that ContextLogic stockholders vote “FOR” all proposals to be voted on at the Special Meeting.
- The Board also intends to explore the opportunity for a financial sponsor to help ContextLogic realize the value of its tax assets.
- To facilitate the solicitation of proxies in connection with the Special Meeting, the Company has filed definitive proxy materials with the U.S. Securities and Exchange Commission (the “SEC”).
- The ContextLogic Board mailed the following to stockholders:
For more information on the transaction, please visit ir.wish.com/ .