ContextLogic Inc. (d/b/a Wish or the “Company”) (NASDAQ:WISH), one of the world’s largest mobile ecommerce platforms, announced that today, April 11, 2023, effective at 1:01 pm Pacific Time (4:01 pm Eastern Time), the Company will effectuate a 1-for-30 reverse split of its Class A common stock (“common stock”). The common stock will begin trading on a split-adjusted basis when the market opens on April 12, 2023 under its current trading symbol “WISH”. The CUSIP number for the common stock following the reverse stock split will be 21077C 305. The reverse stock split is intended to enable the Company to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Global Select Market. The reverse stock split was previously approved by Wish stockholders at the Annual Meeting of Stockholders held on April 10, 2023, with the final ratio determined by the Company’s Board of Directors.
The Company filed an amendment to its certificate of incorporation with the Secretary of State of Delaware on April 11, 2023. The reverse stock split will not reduce the number of authorized shares of the Company’s common stock, which will remain at 3,000,000,000, and will not change the par value of the common stock, which will remain at $0.0001 per share.
The 1-for-30 reverse stock split will automatically convert 30 shares of the Company’s common stock into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split. Stockholders of common stock otherwise entitled to a fractional share as a result of the reverse stock split will automatically be entitled to receive an additional fraction of a share of common stock to round up to the next whole share. The reverse split will reduce the number of shares of outstanding common stock from approximately 695,000,000 shares to approximately 23,170,000 shares. Additionally, outstanding equity-based awards and other outstanding equity rights will be proportionately adjusted.
