ContextLogic tumbles after unveiling 1-for-30 reverse stock split

ContextLogic Holdings

11/04/2023 21:19

** Shares of ContextLogic Inc  WISH.O  fell ~21% to close at
about 33 cents on Tuesday after the e-commerce co announced a
1-for-30 reverse stock split
    ** WISH, previously hyped among retail investors on social
media, said its shares would start trading on split-adjusted
basis when market opens on April 12 
    ** The stock gained popularity among meme stocks craze in
2021 and saw the co's market value soar, but has lost nearly all
of it since then
    ** Currently, co has a market cap value of ~$228 mln, down
from over $18 bln in February 2021

 (Reporting by Noel Randewich)
 ((noel.randewich@tr.com; Twitter: @randewich;))