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.

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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.

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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.

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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.

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

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