Brief: Contextlogic To Sell All Operating Assets And Liabilities Associated With Wish To Qoo10

ContextLogic Holdings

12/02/2024 13:11

Feb 12 (Reuters) - ContextLogic Inc  WISH.O :
    * CONTEXTLOGIC ANNOUNCES AGREEMENT TO SELL SUBSTANTIALLY ALL
OPERATING ASSETS AND LIABILITIES ASSOCIATED WITH WISH TO QOO10
FOR $173 MILLION IN CASH
    * CONTEXTLOGIC TO REMAIN AS PUBLICLY LISTED ENTITY,
PRESERVING
ABOUT $2.7 BILLION OF NET OPERATING LOSSES (NOLS)
    * BOARD EXPLORING OPPORTUNITY FOR FINANCIAL SPONSOR TO HELP
CONTEXTLOGIC INC. MONETIZE VALUE OF NOLS
    * BOARD CONCLUDES COMPREHENSIVE REVIEW OF STRATEGIC
ALTERNATIVES;
UNANIMOUSLY APPROVES TRANSACTION
    * BOARD ALSO ADOPTS TAX BENEFITS PRESERVATION PLAN TO
PROTECT
ABILITY TO USE NOLS
    * PURCHASE PRICE REPRESENTS APPROXIMATELY $6.50 PER SHARE, A
44%
PREMIUM
    * AS PART OF AGREEMENT, CONTEXTLOGIC WILL BEGIN TRADING
UNDER A
NEW TICKER SYMBOL WITHIN 30 DAYS OF CLOSING OF TRANSACTION

Source text for Eikon:  ID:nGNX45wqZx 
Further company coverage:  WISH.O 

 ((Reuters.Briefs@thomsonreuters.com;))