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ContextLogic (WISH) just unveiled an update.
ContextLogic Inc. has agreed to sell most of its assets to Qoo10 Delaware, retaining only certain tax attributes, marketable securities, and cash equivalents. The company’s board has been reduced to five directors, with several members resigning effective upon the asset sale’s closing. Rishi Bajaj has been appointed as the new CEO, succeeding Jun (Joe) Yan, and Brett Just will take over as CFO from Vivian Liu. New independent directors, Michael Farlekas, Marshall Heinberg, Elizabeth LaPuma, and Richard Parisi, have also been appointed, each bringing extensive experience from diverse professional backgrounds. These strategic changes, including the executive reshuffle and board realignment, come at a critical juncture as the company navigates through a significant asset transaction.
See more insights into WISH stock on TipRanks’ Stock Analysis page.