OAKLAND, Calif., June 25, 2025 (GLOBE NEWSWIRE) -- ContextLogic Inc. (OTC: LOGC) (“ContextLogic,” the “Company,” “we” or “our”) today announced the appointment of Michael Scarola as Chief Financial Officer, effective June 30, 2025. “We are thrilled to appoint Michael Scarola to the position of Chief Financial Officer. This appointment reflects our strategy to streamline our business as much as possible while we pursue value maximation through organic growth and accretive acquisitions.” said Rishi Bajaj, Chi ...

Core Viewpoint - ContextLogic Inc. intends to voluntarily delist from The Nasdaq Global Market and begin trading on the OTCQB® Venture Market starting June 3, 2025 [1][2][3] Group 1: Delisting and Listing Details - The Company has been accepted for listing on the OTCQB® Venture Market, with its Class A Common Stock commencing trading under the ticker symbol "LOGC" on June 3, 2025 [2] - The Company plans to file a Form 25 with the U.S. Securities and Exchange Commission (SEC) around June 9, 2025, to initiate the delisting process from Nasdaq [3] - The delisting from Nasdaq is expected to become effective 10 days after the filing, unless directed otherwise by Nasdaq [3] Group 2: Background and Rationale - The Company was notified by Nasdaq's Listing Qualifications Department that it was considered a "public shell," which could lead to delisting unless a hearing was requested [4] - A hearing was held on May 8, 2025, where the Company presented its business overview and efforts to maximize asset value [5] - The Board of Directors unanimously determined that delisting from Nasdaq is in the best interests of the Company, considering regulatory requirements, compliance costs, and time management [6][7] Group 3: Future Strategy - The transition to the OTC Markets is expected to save expenses and maintain an orderly trading market for the Company's Common Stock [7] - The Company's strategy and operations will remain unchanged despite the listing transfer [7] - ContextLogic is focused on developing a new business and financing potential acquisitions that complement its operations [8]

ContextLogic (LOGC) Q1 2025 Earnings Call May 09, 2025 05:00 PM ET Company Participants Rishi Bajaj - CEO & Director Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to ContextLogic's First Quarter twenty twenty five Earnings Conference Call. At this time, participants are in a listen only mode and there will not be a question and answer session at the conclusion of today's call. However, a recording and transcript will be made available online and management will make t ...

ContextLogic (LOGC) Q1 2025 Earnings Call May 09, 2025 05:00 PM ET Company Participants Rishi Bajaj - CEO & Director Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to ContextLogic's First Quarter twenty twenty five Earnings Conference Call. At this time, participants are in a listen only mode and there will not be a question and answer session at the conclusion of today's call. However, a recording and transcript will be made available online and management will make t ...

Financial Data and Key Metrics Changes - In Q1 2025, the company raised $75 million in cash from BC Partners, with an additional option for $75 million to fund future acquisitions [5] - The company incurred $6 million in general and administrative expenses, including $2 million related to evaluating potential transactions [5] - Cash expenses were offset by approximately $2 million in interest income, resulting in a closing cash balance of $222 million, up from $149 million at the end of fiscal year 2024 [6] Business Line Data and Key Metrics Changes - The company has focused on maintaining low cash burn to maximize available cash for growth and acquisitions, indicating a strategic shift towards a more sustainable business model [6] Market Data and Key Metrics Changes - The strategic investment from BC Partners has expanded the company's pipeline of opportunities and enhanced its capabilities, reflecting a positive market reception [7] Company Strategy and Development Direction - The company is committed to organic growth and acquisitions, with a strong emphasis on identifying growth opportunities in collaboration with BC Partners [6][7] - Management expressed optimism about the quality of inbound outreach and potential partnerships, indicating a proactive approach to market expansion [7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of keeping cash expenses low to support future growth and acquisitions, demonstrating a cautious yet optimistic outlook for the business [6] - The collaboration with BC Partners is expected to yield significant opportunities, with management looking forward to sharing progress in upcoming quarters [7] Other Important Information - The company incurred $3 million in costs directly related to the BC Partners investment, recorded as stock issuance costs, indicating a strategic investment in future growth [5] Summary of Q&A Session - There was no question and answer session at the conclusion of the call, as indicated in the opening remarks [4]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ______ Commission File Number: 001-39775 ContextLogic Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 27-2930953 (State or other ju ...

First-Quarter 2025 Financial Highlights ContextLogic will host a financial results conference call at 5pm EDT on May 9 th . The live conference call may be accessed by registering here. Company Outlook The first quarter of 2025 marked a pivotal step in the Company's evolution with the completion of the previously announced strategic investment from BC Partners (the "Strategic Investment") in a subsidiary of ContextLogic, which was an important milestone in advancing our value-maximization strategy through b ...

OAKLAND, Calif., May 09, 2025 (GLOBE NEWSWIRE) -- ContextLogic Inc. (Nasdaq: LOGC) (“ContextLogic,” the “Company,” “we” or “our”) today reported its financial results for the quarter ended March 31, 2025. First-Quarter 2025 Financial Highlights Net Loss: Net loss was $4 million, compared to a net loss of $59 million in the first quarter of fiscal year 2024.As of March 31, 2025, the Company had $64 million in cash and cash equivalents, $158 million in marketable securities and $1 million in prepaid expenses ...

Financial Data and Key Metrics Changes - The company has a significant cash position and net operating losses, which are well-positioned to execute on its value maximization strategy [2][3] Business Line Data and Key Metrics Changes - No specific data on individual business lines was provided in the call [1][5] Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the call [1][5] Company Strategy and Development Direction and Industry Competition - The strategic investment from BC Partners is viewed as transformative, with the potential to unlock substantial value for shareholders [2] - The company aims to pursue a next phase of transformation, focusing on both organic growth and acquisitions [3] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the investment and the opportunities it presents for future growth [3][4] - The management team looks forward to updating shareholders on progress in future calls [3] Other Important Information - The call included a presentation deck available on the company's Investor Relations website, which outlines the strategic investment details [1][2] Summary of Q&A Session - There was no question and answer section at the conclusion of the call [1][5]

Financial Performance - Total revenue for the year ended December 31, 2024, was $43 million, a decrease of $244 million or 85% compared to $287 million in 2023[159] - Loss from operations for 2024 was $79 million, compared to a loss of $328 million in 2023[156] - The company incurred total operating expenses of $86 million in 2024, down from $387 million in 2023, reflecting a decrease of $301 million or 78%[156] - Interest and other income, net decreased by $10 million, or 63%, to $6 million for the year ended December 31, 2024, compared to $16 million in 2023, with 14% of revenue in 2024 versus 6% in 2023[165] - Gain on Asset Sale increased by $4 million, or 100%, to $4 million for the year ended December 31, 2024, due to the Asset Sale completed on April 19, 2024[166] - Provision for income taxes increased by $1 million, or 20%, to $6 million for the year ended December 31, 2024, compared to $5 million in 2023, representing 14% of revenue in 2024 versus 2% in 2023[167] Operating Expenses - Sales and marketing expenses decreased by $125 million or 87% to $18 million in 2024, compared to $143 million in 2023[161] - The cost of revenue decreased by $192 million or 84% to $36 million in 2024, compared to $228 million in 2023[160] - Product development expenses decreased by $126 million, or 83%, to $26 million for the year ended December 31, 2024, compared to $152 million in 2023, representing 60% of revenue in 2024 versus 53% in 2023[162][163] - General and administrative expenses decreased by $50 million, or 54%, to $42 million for the year ended December 31, 2024, compared to $92 million in 2023, accounting for 98% of revenue in 2024 versus 32% in 2023[164] Asset Sale Impact - Following the Asset Sale on April 19, 2024, the company no longer earns operating revenue from its previous marketplace and logistics operations[142] - The Asset Sale involved selling substantially all assets to Qoo10, with the company retaining certain tax attributes and cash equivalents[139] - Following the Asset Sale, the company no longer has revenue or deferred revenue, as it has no marketplace and logistics operations[183][184] Cash Flow and Financial Position - As of December 31, 2024, the company had cash and cash equivalents of $66 million and marketable securities of $83 million, which are expected to meet anticipated cash needs for at least the next 12 months[169] - Net operating cash outflows were $94 million for the year ended December 31, 2024, compared to $341 million in 2023, primarily driven by a net loss of $75 million in 2024[170][175] - Net cash used in investing activities was $68 million for the year ended December 31, 2024, primarily due to $168 million in purchases of marketable securities[177] - Net cash used in financing activities was $1 million for the year ended December 31, 2024, due to payments of taxes related to employee restricted stock unit settlements[179] Tax and Valuation - The company is subject to income taxes in the U.S. and various international jurisdictions, requiring significant judgment and estimation[198] - Deferred tax liabilities and assets are recognized for expected future tax consequences of temporary differences and net operating loss carryforwards[199] - The company utilizes the Black-Scholes option pricing model and Monte Carlo Simulation model for estimating the fair value of stock options and PSUs, respectively[196] - The assumptions in the valuation models are based on management's estimates, which involve uncertainties and could lead to materially different stock-based compensation expenses in the future[197] Future Outlook - The company anticipates continued losses from operations as it incurs costs related to identifying and completing an acquisition[134] - The company expects to incur minimal administrative costs in overseeing and curating the remaining assets post-Asset Sale[142] - The company had an accumulated deficit of $3.3 billion as of December 31, 2024[134] - As a "smaller reporting company," the company is not required to provide quantitative and qualitative disclosures about market risk[200]