The Company currently estimates that its post-closing cash (cash on hand and marketable securities, plus the cash proceeds from the Asset Sale) would range between
After reducing substantially all of the Company’s cash burn, the post-closing Board will conduct a careful and extensive review of available opportunities for the Company’s NOLs. A potential dissolution or premium cash takeout would net less for stockholders than the current transaction price and destroy the value of the NOLs.
The Company expects to complete the transaction in the second quarter of 2024, subject to the approval of ContextLogic’s stockholders and other customary closing conditions.
If you have any questions, or need assistance in voting your shares on the proxy card, please contact our proxy solicitor:
Call Toll-Free (800) 322-2885
Email: proxy@mackenziepartners.com
For more information on the transaction, please visit ir.wish.com/.
About Wish
Wish brings an affordable and entertaining shopping experience to millions of consumers around the world. Since our founding in
Additional Information and Where to Find It
In connection with the Asset Sale, the Company has filed with the
Forward Looking Statements
Except for historical information, all other information in this communication consists of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and related oral statements the Company, Qoo10 or the Buyer may make, are subject to risks and uncertainties that could cause actual results to differ materially from those projected, anticipated or implied. For example, (1) conditions to the closing of the Transactions may not be satisfied, (2) the timing of completion of the Transactions is uncertain, (3) the amount of the purchase price adjustment under the asset purchase agreement with the Buyer and Qoo10 is uncertain and may be material, (4) the amount of that purchase price adjustment could be adversely affected by any delays in closing the Transactions, including delays in obtaining the stockholder vote at the Special Meeting, (5) there can be no assurance as to the extent to which the post-closing Company will find opportunities to utilize the NOLs, and when any such utilization will occur, (6) the business of the Company may suffer as a result of uncertainty surrounding the Transactions, (7) events, changes or other circumstances could occur that could give rise to the termination of the asset purchase agreement with the Buyer and Qoo10, (8) there are risks related to the disruption of management’s attention from the ongoing business operations of the Company due to the Transactions, (9) the announcement or pendency of the Transactions could affect the relationships of the Company with its clients, operating results and business generally, including on the ability of the Company to retain employees, (10) the outcome of any legal proceedings initiated against the Company, Qoo10 or the Buyer following the announcement of the Transactions could adversely affect the Company, Qoo10 or the Buyer, including the ability of each to consummate the Transactions, and (11) the Company may be adversely affected by other economic, business, and/or competitive factors, as well as management’s response to any of the aforementioned factors.
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents of the Company on file with the
Contacts
Investor Relations:
ir@wish.com
Media:
press@wish.com
Collected Strategies
WISH-CS@collectedstrategies.com
A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/58d3bf97-7e8f-4d0e-b287-a8417e9f22a3
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b15a2070-de52-4e79-b862-98201ae1924f
https://www.globenewswire.com/NewsRoom/AttachmentNg/61482b53-f3e7-4cd2-82c7-58b49cd28b83
NOL Infographic
Realizing the Value of Net Operating Losses ("NOLs")
NOL Infographic
Realizing the Value of Net Operating Losses ("NOLs")
2024 GlobeNewswire, Inc., source