CONTEXTLOGIC (WISH) : 8.015
52w: 6.86 - 63.6
Shares Outstanding 23.29M
Float 20.56M
Total Cash (mrq) 719M
Total Cash Per Share (mrq) 31.04
Total Debt (mrq) 20M
They can reduce the number of outstanding shares to 17M
SAN FRANCISCO, April 20, 2023 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish or the “Company”) (NASDAQ: WISH), one of the world’s largest mobile ecommerce platforms, announced today that its Board of Directors has approved a share repurchase program with authorization to repurchase up to $50 million in shares of its Class A common stock.
"We believe that the current macroeconomic environment and the strength of our balance sheet presents an attractive buying opportunity for our stock. This share repurchase program demonstrates the Board’s and management’s confidence in the future of our business and our commitment to creating long-term, sustainable value for our shareholders," said Vivian Liu, Chief Financial Officer and Chief Operating Officer of Wish. “We believe the current market does not reflect the long-term value of our shares of common stock and we believe this share repurchase program will support our efforts to unlock the long-term value and opportunity we see ahead.”
The manner, timing, and amount of any purchase will be based on an assessment of business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. 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. The repurchase program will be effective through December 31, 2023, and may be suspended, terminated, or modified at any time for any reason, and it does not obligate the Company to purchase any particular number of shares.
About Wish
Wish brings an affordable and entertaining shopping experience to millions of consumers around the world. Since our founding in San Francisco in 2010, we have become one of the largest global ecommerce platforms, connecting millions of value-conscious consumers to merchants all over the world. Wish combines technology and data science capabilities and an innovative discovery-based mobile shopping experience to create a highly-visual, entertaining, and personalized shopping experience for its users. For more information about the company or to download the Wish mobile app, visit www.wish.com or follow @Wish on Facebook, Instagram and TikTok or @WishShopping on Twitter and YouTube.
