ContextLogic urges stockholders to vote for Qoo10 transaction

ContextLogic urged stockholders to vote immediately “FOR” the proposed Asset Sale transaction with Qoo10 in connection with the special meeting of stockholders being held on Friday, April 12, 2024, at 10:00 a.m. Pacific Time. Upon closing of the transaction, ContextLogic will continue as a publicly traded company with ~$2.7 billion of net operating loss carryforwards and $150-157 million of post-closing cash. Maximizing the Company’s post-closing cash will best position the Company’s post-closing Board and leadership to pursue transactions that will utilize those tax assets for the benefit of ContextLogic stockholders. To realize the benefits of this value-maximizing transaction, the holders of a majority of our outstanding shares must vote in support. Completing the transaction will effectively reduce the cash burn in ContextLogic to near zero, preserving significant value for stockholders. Stockholders should know that every day that stockholder approval is delayed reduces the Company’s post-closing cash position. Furthermore, failure to approve the transaction would severely limit the options available to the Company and likely result in significantly less value for stockholders. The Board urges all stockholders to protect the value of your investment, by voting FOR the transaction TODAY.