Shareholders of ContextLogic Decry Destructive Actions of Board of Directors

Alta, Wyoming--(Newsfile Corp. - November 2, 2023) - On October 10, 2023, Dave Pointer, the Chairman of Rescue WISH, requested that the WISH Board of Directors sell its money-losing operating businesses and return most of the remaining cash to shareholders.

The Board of Directors has had three weeks to consider this request and has, thus far, failed to demonstrate meaningful movement towards fulfilling the request.

Rescue WISH had sought to avoid being forced to highlight the shortcomings and failures of each member of the Board of Directors. Since there has been no movement on the part of the Board of Directors, Rescue WISH is at this time obligated to begin the process of describing the shortcomings of the incumbent Board and their multiple failures.

This press release aims to shed light on the failings and miscues of the current Board of Directors, raising important questions about governance and fiduciary responsibility at ContextLogic.

As mentioned before, until and unless the Board moves towards returning cash to its owners, Rescue WISH will release periodic press releases pointing out the personal and professional failures of the incumbent Board members.

Overextended Chairman

Tanzeen Syed, the Chairman of the Board, is currently engaged with seven different boards while also holding down a full-time job at General Atlantic. The shareholders deserve a chairman who can fully focus on addressing the pressing challenges currently facing ContextLogic, rather than being spread thin across multiple commitments.

Mr. Syed lacks real-time experience in the technology sector, having never held a full-time position in any technology company.

Moreover, he serves as a director of Riskified which experienced an 89% stock price crash, raising further questions about his ability to safeguard shareholder value.

Stephanie Tilenius

Ms. Tilenius, who serves as a director of WISH, is also the CEO of Vida Health. Ms. Tilenius was also a co-founder of PlanetRx.com, a "failed" online drugstore. After posting significant losses, defaulting on its loan, and failing to attract customers, PlanetRx.com was delisted from Nasdaq and ultimately liquidated its assets, thereby eroding all shareholder value.

Hans Tung

Hans Tung is a Managing Partner at GGV Capital, a venture capital fund. As per Forbes, in the past five years, nine of his investments completed IPOs, netting approximately $2.6 billion in gains.

While Mr. Tung may have orchestrated significant wealth transfer for him and his investors, the steep decline in the stock prices of five out of nine of these publicly traded companies post-IPO has resulted in considerable losses for others to whom he / GSV sold.

1. ContextLogic Inc. (WISH) Declined >99% since IPO
2. HashiCorp, Inc. (HCP): Declined >75% since IPO
3. Opendoor Technologies Inc. (OPEN, OPENW): Declined >80% since IPO
4. BigCommerce Holdings, Inc. (BIGC): Declined >90% from its post-IPO peak
5. DOMO, INC. (DOMO): Declined >70% since IPO

Interconnected Board: The Hidden Network of Affiliations with General Atlantic

The Chairman serves as the Managing Director of General Atlantic, while directors Stephanie Tilenius and Larry Kutscher are CEOs of Vida Health and A Place for Mom, respectively—both of which are portfolio companies of General Atlantic.

The overlapping relationships between the directors raise red flags. Such interconnectedness could compromise the board's fiduciary responsibilities to the broader shareholder base.

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

CONTACT INFORMATION

Rescue WISH
David Pointer, Chairman
(509) 319-2345

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/186120