ContextLogic (WISH) has released an update.
ContextLogic Inc. has entered into an agreement to sell most of its assets to Qoo10 Inc., retaining only its valuable tax loss carryforwards and other specific tax attributes. The deal, valued at $173 million in cash along with the assumption of most liabilities by the buyer, aims to leverage the remaining tax benefits post-sale. The company’s board is exploring alternative investments using the cash proceeds to capitalize on these tax advantages. The asset sale is subject to shareholder approval and customary closing conditions, with provisions in place to handle unsolicited competing proposals. Additionally, key shareholders have agreed to support the transaction through Voting and Support Agreements.
For further insights into WISH stock, check out TipRanks’ Stock Analysis page.
