ContextLogic (NASDAQ:WISH) to Sell Substantially All Operating Assets and Liabilities Associated with Wish to Qoo10 for $173 MSUNW Looking to Refill Gap

DENVER, Colo., Feb. 12, 2024 ( ContextLogic Inc (NASDAQ:WISH) reported, this morning, that its Board of Directors unanimously approved an agreement to sell substantially all of its operating assets and liabilities, comprising its Wish ecommerce platform, to Qoo10, an Asian ecommerce platform, for approximately $173 million in cash, subject to certain purchase price adjustments, representing approximately $6.50 per share, which is about a 44% premium to ContextLogic’s closing stock price on Friday.

On transaction closing, ContextLogic will have limited operating expenses and a debt-free balance sheet, with net cash proceeds from the asset sale, approximately $2.7 billion of Net Operating Loss (“NOL”) carryforwards and certain retained assets, which the Board intends to use the proceeds from the transaction to help monetize its NOLs and the Board also intends to explore the opportunity for a financial sponsor to help ContextLogic realize the value of its tax assets. If the ContextLogic Board does not identify opportunities that will allow it to effectively monetize the value of its NOLs to the benefit of shareholders, it intends to promptly return all capital to shareholders.

Tanzeen Syed, Chairman of the Board, said, “The Board conducted a thorough review of strategic alternatives with the assistance of outside financial and legal advisors. We evaluated a variety of potential outcomes and determined that the proposed sale of our operating assets and liabilities, while preserving significant NOLs, represents the best path forward to maximize value for shareholders. We also believe there is a significant upside potential to obtaining a long-term aligned capital partner that would support future value creation,” stated Tanzeen Syed, Chairman of the Board.

WISH is trading at $5.32, up $0.82 (+18.22%), on 1.1M shares traded.      

Its 52-week range is $3.5518 to $32.10.

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