Shareholders of ContextLogic Demand Change to Board

Alta, Wyoming--(Newsfile Corp. - September 27, 2023) - In line with the deadline proposed in its September 19, 2023, press release, Cannell Capital LLC announces today the formation of "Rescue WISH" to support all injured shareholders of ContextLogic, Inc.

Rescue WISH issues the following statement:

"Rescue WISH intends to bring the failings of each member of the Board of ContextLogic, Inc. to the attention of regulators, to the attention of ISS, Glass Lewis and the other proxy advisory services, and to the attention of the financial journalist community. It further suggests that the incumbent Board appears to have enjoyed every incentive to issue optimistic guidance to keep the stock price as high as possible while certain members of the Board and affiliates of the Board sold stock.

"Per its June 2023 Form 10-Q, ContextLogic had $531 million in cash and marketable securities and no debt. The cash and marketable securities belong to shareholders and should be protected as they dwindle.

"Rescue WISH would like to communicate to the incumbent Board, clearly and emphatically, that the incumbent Board does not enjoy the confidence of many of its shareholders. It believes the incumbent Board has a duty of loyalty and a fiduciary duty to all shareholders. These duties require the incumbent Board to immediately meet with the largest shareholders of ContextLogic to re-constitute the Board. The new Board should be made up entirely of Board members selected by shareholders.

"Until and unless the Board re-constitutes itself, Rescue WISH will release periodic press releases pointing out the personal and professional failures of the incumbent Board members. These failings are relevant to the destruction of shareholder value that has already taken place and will continue to take place unless said reconstitution occurs. Removing the current Board of WISH is essential to protecting value for all WISH shareholders.

"ContextLogic Inc. operates the e-commerce website wish.com and the company's common stock trades on the Nasdaq Stock Market."

CONTACT INFORMATION

Stephen C. Wagstaff
Chief Financial Officer
1-307-733-2284
scw@cannellcap.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/182165