ContextLogic Inc. Announces Share Repurchase Program

The Board of Directors ContextLogic Inc., commonly known as Wish, approved a share repurchase program to buy back up to $50 million of its Class A common stock

Buybacks

ContextLogic Inc., commonly known as Wish, has announced that its Board of Directors has approved a share repurchase program to buy back up to $50 million of its Class A common stock. The company believes that the current macroeconomic environment and the strength of its balance sheet present an attractive opportunity for its stock.

Management's Confidence in the Future of Business

Vivian Liu, Wish's Chief Financial Officer and Chief Operating Officer, said that this share repurchase program demonstrates the Board's and management's confidence in the future of their business and their commitment to creating long-term, sustainable value for their shareholders. She added that they believe the current market does not reflect the long-term value of their shares of common stock, and this share repurchase program will support their efforts to unlock the long-term value and opportunity they see ahead.

Manner and Timing of Repurchase

The company will assess business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations before making any purchase. Wish may repurchase shares of Class A common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans, each in accordance with applicable securities laws and other restrictions.

Effective Repurchase Program

The share repurchase program will be effective through December 31, 2023, and may be suspended, terminated, or modified at any time for any reason. It does not obligate the Company to purchase any particular number of shares.

Members of LevelFields received the alert of this event on April 20, 4:35 PM ET

Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions,and let LevelFields help you become a better trader.

Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.

Free Trial: Signup for 1 Free Alert Per Week

Add your email to get alerts & the report.

Get 1 free alert per week via email

Upgrade if you want more or platform access

We'll also send you a free report

or Click Here to get full access now

By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. View our Privacy Policy for more information.