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 Inc. to Commence Trading on the OTC Markets and Delist from Nasdaq