WISH - Why Ecommerce Platform ContextLogic Shares Are Rocketing Today | Benzinga
ContextLogic Inc (NASDAQ:WISH) shares are rocketing today after the company planned to sell substantially all of its operating assets and liabilities related to its Wish ecommerce platform for about $173 million.
In particular, the company inked a deal with Qoo10, an ecommerce platform operating localized online marketplaces in Asia, for the divestment.
The purchase price represents $6.50 per share and around 44% premium to ContextLogic’s closing stock price as of February 9, 2024.
In November 2023, ContextLogic initiated a process to explore a range of strategic alternatives to maximize shareholder value.
Following the deal ...