OAKLAND, Calif., May 10, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (NASDAQ:WISH) today announced that its Class A common stock will begin trading on NASDAQ under the ticker symbol "LOGC" prior to market open on May 13, 2024. This will replace the company's current ticker symbol "WISH", which has been used since its initial public offering in December 2020. The new ticker symbol comes following the company's sale of the Wish e-commerce platform to Qube Network Pte. Ltd., a subsidiary of Qoo10 Pte. Ltd., whi ...

Financial Data and Key Metrics Changes - After the asset sale to Qoo10, ContextLogic reported approximately $2.7 billion in NOL carryforwards and about $161 million in cash, cash equivalents, and marketable securities, indicating a strong financial position with no debt [1][11][22] - The company has significantly reduced its workforce from nearly 500 employees to just 12, reflecting a drastic cut in operating expenses [10][22] Business Line Data and Key Metrics Changes - The revenues and earnings previously reported were generated by assets that are no longer owned by ContextLogic, as these have been transferred to Qoo10 [9][18] Market Data and Key Metrics Changes - The company has transitioned to a remote workforce and is now leasing a small space in Oakland, which suggests a shift in operational strategy and cost management [22] Company Strategy and Development Direction - ContextLogic is focusing on reviewing strategic opportunities for the use of its post-closing cash and aims to develop processes for evaluating alternatives that benefit the company and its stockholders [20][24] - The management team is energized by the opportunities ahead and believes they have the right strategy in place to implement future plans [12][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about starting a new chapter following the asset sale and emphasized the importance of flexibility to pursue strategic transactions [20][22] - The leadership team acknowledged the support from stockholders and employees during this transition, indicating a commitment to maximizing value [23][24] Other Important Information - The company has no liabilities associated with the assets sold to Qoo10, which positions it favorably for future growth [18] - Forward-looking statements were made regarding the company's expectations and potential risks, highlighting the uncertainty in future results [6][15] Q&A Session Summary Question: What are the future plans for the use of cash post-sale? - Management indicated that they are reviewing strategic opportunities for the use of post-closing cash and will develop a process for evaluating these alternatives [20] Question: How has the workforce reduction impacted operations? - The company noted that the workforce has been reduced significantly, which has led to lower operating expenses and a shift to a remote work model [10][22]

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 ContextLogic Inc. (Exact Name of Registrant as Specified in its Charter) For the quarterly period ended March 31, 2024 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 | Delaware | 27-2930953 | | --- | --- ...

As previously disclosed, on April 19,2024, we completed the sale of substantially all of our assets to Qube Network Pte. Ltd. (the "Buyer"), an affiliate of Qoo10 Inc., a Delaware corporation ("Qoo10 Delaware"), other than (A)our federal income tax net operating loss carryforwards ("NOLs") and certain of our other tax attributes, (B)our marketable securities and (C) certain of our cash and cash equivalents (the "Asset Sale") pursuant to the terms of the Asset Purchase Agreement, dated February10,2024, by an ...

SAN FRANCISCO, April 24, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (NASDAQ:WISH) today announced it will report its first quarter 2024 financial results after the close of market on Wednesday, May 8, 2024. ContextLogic's management team will host a live conference call and webcast for shareholders, analysts and portfolio managers to discuss the company's first quarter results that afternoon at 5:00 PM ET / 2:00 PM PT. Information about the company's financial results, including a link to the live webcast a ...

Transaction Enables Company to Preserve ~$2.7 Billion of Net Operating Losses (NOLs) Rishi Bajaj Appointed Chief Executive Officer; Four New Independent Directors Join Board of Directors SAN FRANCISCO, April 19, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (NASDAQ:WISH) ("ContextLogic" or the "Company"), today announced that it has completed its previously announced transaction with Qoo10 Pte. Ltd. ("Qoo10"). As disclosed, ContextLogic entered into an agreement to sell substantially all of the Company's opera ...

SAN FRANCISCO, April 15, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish) (NASDAQ:WISH) ("ContextLogic" or the "Company") today mailed a letter to stockholders in connection with its upcoming Special Meeting of Stockholders (the "Special Meeting") urging stockholders to vote "FOR" the proposed transaction with Qoo10 Pte. Ltd. ("Qoo10"). The Special Meeting is scheduled to be held at 11:30 a.m. Pacific Time on April 18, 2024. Stockholders of record as of March 7, 2024, are entitled to vote. The full t ...

Approximately 97% of Shares Voted have been "FOR" the Transaction; Approximately 500,000 Additional Shares Needed to Vote "FOR" to Complete Transaction Urges ALL Stockholders to Protect the Value of their Investment by Voting "FOR" the Transaction TODAY SAN FRANCISCO, April 12, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish) (NASDAQ:WISH) ("ContextLogic" or the "Company") today announced its Special Meeting of Stockholders (the "Special Meeting") being held today will convene and then adjourn witho ...

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. ( ...

 Proposed Transaction Ensures Preservation of $2.7 billion in NOLsOutlines Support for Transaction from ContextLogic Investors and Proxy Advisory FirmsSpecial Meeting of Stockholders is Friday, April 12, 2024, at 10:00 A.M. Pacific Time SAN FRANCISCO, April 03, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish) (NASDAQ:WISH) ("ContextLogic" or the "Company") today issued a reminder to stockholders to vote "FOR" the proposed Asset Sale transaction with Qoo10 Pte. Ltd. ("Qoo10") in connection with the up ...