ContextLogic Inc., operating as Wish and listed on NASDAQ under the ticker WISH, has announced a significant reconstitution of its Board of Directors and management team following the sale of a majority of its assets to Qoo10 Pte. Ltd. The transaction, which includes the Wish ecommerce platform, is expected to finalize in Q2 2024. Rishi Bajaj is set to become the CEO post-closure, and four new independent directors will join the Board. Six current directors will step down upon completion of the deal. The restructured Board will focus on maximizing the value of ContextLogic's approximately $2.7 billion in Net Operating Loss carryforwards. The company will continue as a publicly traded entity with post-closing cash projected between $150-157 million. A Special Meeting for shareholders to vote on the transaction is scheduled for April 12, 2024. The press release was made available on April 2, 2024.

ContextLogic Inc., operating as Wish and listed on NASDAQ under the ticker WISH, has announced a significant reconstitution of its Board of Directors and management team following the sale of a majority of its assets to Qoo10 Pte. Ltd. The transaction, which includes the Wish ecommerce platform, is expected to finalize in Q2 2024. Rishi Bajaj is set to become the CEO post-closure, and four new independent directors will join the Board. Six current directors will step down upon completion of the deal. The restructured Board will focus on maximizing the value of ContextLogic's approximately $2.7 billion in Net Operating Loss carryforwards. The company will continue as a publicly traded entity with post-closing cash projected between $150-157 million. A Special Meeting for shareholders to vote on the transaction is scheduled for April 12, 2024. The press release was made available on April 2, 2024.