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ContextLogic | 8-K: Collection of Recent Announcements

SEC announcement ·  Apr 24 01:49
Summary by Futu AI
On April 19, 2024, ContextLogic Inc. completed the sale of substantially all of its assets to Qube Network Pte. Ltd., an affiliate of Qoo10 Inc. The sale, which was previously announced and detailed in an Asset Purchase Agreement dated February 10, 2024, resulted in ContextLogic receiving approximately $161 million in cash after adjustments. The buyer also assumed most of the company's liabilities. This strategic move is expected to allow ContextLogic to preserve around $2.7 billion in federal income tax net operating loss carryforwards and other tax attributes. In conjunction with the asset sale, ContextLogic terminated its Revolving Credit Facility with JPMorgan Chase Bank, N.A. The company also announced changes to its Board of Directors and senior management, with Rishi Bajaj becoming the CEO and the...Show More
On April 19, 2024, ContextLogic Inc. completed the sale of substantially all of its assets to Qube Network Pte. Ltd., an affiliate of Qoo10 Inc. The sale, which was previously announced and detailed in an Asset Purchase Agreement dated February 10, 2024, resulted in ContextLogic receiving approximately $161 million in cash after adjustments. The buyer also assumed most of the company's liabilities. This strategic move is expected to allow ContextLogic to preserve around $2.7 billion in federal income tax net operating loss carryforwards and other tax attributes. In conjunction with the asset sale, ContextLogic terminated its Revolving Credit Facility with JPMorgan Chase Bank, N.A. The company also announced changes to its Board of Directors and senior management, with Rishi Bajaj becoming the CEO and the appointment of four new independent directors. The company's stockholders approved the asset sale and related executive compensation in a special meeting on April 18, 2024. ContextLogic plans to trade under a new Nasdaq ticker symbol, 'LOGC', within the next 30 days. The company will continue as a publicly traded entity with significant cash on hand and valuable tax assets.

This announcement is a separate document:

Doc 1

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