WISH - ContextLogic Announces Post-Closing Board of Directors and Management Team | Benzinga
Upon Closing, Rishi Bajaj to Become Chief Executive Officer of ContextLogic and Four New Independent Directors to Join ContextLogic Board
Six Existing Directors to Step Down from Board Upon Completion of the Qoo10 Transaction
Reconstituted Board and Management Team to Focus on Maximizing Value of ~$2.7 Billion of NOLs
SAN FRANCISCO, April 02, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a?Wish) (NASDAQ:WISH) ("ContextLogic" or the "Company") today announced that it will reconstitute its Board of Directors and management team upon completion of its pending transaction under which it will sell substantially all of its operating assets and liabilities, principally comprising its Wish ecommerce platform (the "Asset Sale"), to Qoo10 Pte. Ltd. ("Qoo10"). The transaction is expected to be completed in the second quarter of 2024.
As previously announced, following the closing of the Asset Sale, ContextLogic will continue as a publicly traded company with approximately $2.7 billion of Net Operating Loss ("NOL") carryforwards and post-closing cash (cash on hand and marketable securities, plus the cash proceeds from the Asset Sale) of between $150-157 million, assuming an April 16th closing.
ContextLogic's new Board of Directors will comprise a diverse mix of proven leaders, investors and executives who will evaluate opportunities to maximize the value of the Company's NOLs on behalf of stockholders. These professionals bring records of value creation and a range of expertise in sales, manufacturing, software, investment banking and the capital markets. Upon closing, the reconstituted Board will comprise five directors, four of whom will be independent and newly appointed.
- Rishi Bajaj, Founder, President and Chief Investment Officer at Altai Capital Management and current director at ContextLogic. Bajaj joined the ContextLogic Board in November 2023 and played an active strategic role in structuring the Asset Sale. He brings significant financial and operational expertise and has a proven record of developing and executing strategies at the Board level.
- Michael Farlekas, Chief Executive Officer of Onit, a workflow automation solutions company. Farlekas is an established senior level manager and technology expert with 20 years of executive leadership experience at enterprise software companies. He has a consistent track record of double-digit revenue growth and expanding margins in organic and acquisition-based businesses.
- Marshall Heinberg, Chairman of the Board at Custom Truck One Source, Inc. (NYSE:CTOS), a leading provider of specialty equipment to the electric utility, telecom, rail and other infrastructure-related end markets. Heinberg has been recognized throughout his career for his strategic focus and brings over 35 years of capital markets, business and financial experience in complex and regulated industries to the boardroom.
- Elizabeth A. LaPuma, former Managing Director and Head of Debt Advisory at UBS. LaPuma has extensive financial advisory and board experience across a variety of industries, as well as over 20 years advising on and structuring complex financial transactions, including securities offerings, M&A and restructurings.
- Richard Parisi, Managing Partner at Catania Capital Partners and Chairman of American Broadband. Parisi brings over 25 years of investing and advisory ...