WISH - ContextLogic Completes Sale of Substantially All Operating Assets and Liabilities Associated with Wish to Qoo10 | Benzinga
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 operating assets and liabilities, principally comprising its Wish ecommerce platform, to Qoo10, for approximately $161 million in cash, after purchase price adjustments.
"We would like to thank our stockholders for their support of this value-maximizing transaction," said Rishi Bajaj, Chief Executive Officer and Chairman of the Board. "Looking ahead, the new Board and management team will target profitable operations as we seek to realize the significant value of our NOLs for the benefit of ContextLogic stockholders."
As previously announced, at closing of the Asset Sale, Rishi Bajaj became Chief Executive Officer and Chairman of the Board of ContextLogic, and Michael ...