ContextLogic (WISH) Adjourns Special Meeting of Stockholders

ContextLogic Inc. (d/b/a Wish) (NASDAQ: WISH) (“ContextLogic” or the “Company”) today announced its Special Meeting of Stockholders (the “Special Meeting”) being held today will convene and then adjourn without conducting any business. The Special Meeting will reconvene at 11:30 a.m. Pacific Time on April 18, 2024. The Special Meeting was being held in connection with the Company’s proposed asset sale transaction (the “Asset Sale”) to Qoo10 Pte. Ltd. (“Qoo10”), as described in the Company’s definitive proxy statement filed with the Securities and Exchange Commission (the “SEC”) on March 15, 2024.

To realize the benefits of this value-maximizing Asset Sale, the holders of a majority of ContextLogic outstanding shares must vote in support of the transaction. Approximately 97% of the shares voted have been “FOR” the Asset Sale. ContextLogic currently needs approximately 500,000 additional shares to vote “FOR” the transaction in order to achieve the necessary threshold. The adjournment will provide time to solicit additional proxies necessary to obtain the requisite approval.

Stockholders who have previously submitted their proxy or otherwise voted do not need to take any action. The proxy card included with the previously distributed proxy materials will not be updated to reflect the adjournment and may continue to be used to vote shares in connection with the Special Meeting.

VOTING TODAY “FOR” THE TRANSACTION IS EXTREMELY IMPORTANT AND CRITICAL TO THE FUTURE OF YOUR INVESTMENT IN CONTEXTLOGIC

Upon closing of the transaction, ContextLogic will continue as a publicly traded company with ~$2.7 billion of net operating loss (“NOL”) carryforwards. Closing the Asset Sale as soon as possible will also maximize the Company’s post-closing cash.

The ContextLogic Board of Directors urges all stockholders to protect the value of your investment, by voting FOR the transaction TODAY. All stockholders of record as of the close of business on March 7, 2024 are entitled to vote at the Special Meeting.

Each stockholder’s vote matters and is important no matter how many shares they own. A failure to vote is the same as voting against the transaction. Every day that stockholder approval is delayed will very likely result in materially lower post-closing cash and puts the value of the NOLs at significant risk.

How to Vote Your Shares

ContextLogic stockholders can vote online or by telephone by following the easy instructions on the previously provided proxy card. To ensure your shares are represented at the Special Meeting, ContextLogic stockholders are urged to vote online or by telephone by following the easy instructions on the previously provided proxy card. The new electronic voting deadline is 11:59 p.m. Eastern Time on April 17, 2024.

If you are a stockholder of record and have questions or need assistance voting your shares, please contact the Company's proxy solicitor MacKenzie Partners by calling toll-free at (800) 322-2885 or via email at [email protected].

Upon receipt of stockholder approval, the Company expects to complete the transaction in the days following.

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