ContextLogic Announces Adjournment of Annual Meeting of Stockholders to Allow Additional Time for Stockholders to Vote 鈥淔OR鈥� the Reorganization Proposal
ContextLogic (OTCQB: LOGC) announced the adjournment of its Annual Meeting of Stockholders to July 24, 2025, without conducting any business. The meeting primarily concerns a critical Reorganization Proposal aimed at preserving the company's NOLs (Net Operating Losses).
Currently, 99% of voted shares support the Reorganization, but additional votes are needed to reach the required majority of outstanding shares. The Board strongly urges all stockholders to vote "FOR" the proposal, emphasizing that failure to vote counts as voting against it. The electronic voting deadline is set for 11:59 p.m. Eastern Time on July 23, 2025.
The company plans to execute the Reorganization shortly after receiving stockholder approval.ContextLogic (OTCQB: LOGC) ha annunciato il rinvio della sua Assemblea Annuale degli Azionisti al 24 luglio 2025, senza svolgere alcuna attivit脿. L'incontro riguarda principalmente una proposta di Riorganizzazione fondamentale per preservare le perdite fiscali riportabili (NOLs) dell'azienda.
Attualmente, il 99% delle azioni votanti sostiene la Riorganizzazione, ma sono necessari ulteriori voti per raggiungere la maggioranza richiesta delle azioni in circolazione. Il Consiglio di Amministrazione esorta fortemente tutti gli azionisti a votare "A FAVORE" della proposta, sottolineando che l'astensione dal voto sar脿 considerata come un voto contrario. La scadenza per il voto elettronico 猫 fissata alle 23:59 ora della costa orientale il 23 luglio 2025.
L'azienda prevede di procedere con la Riorganizzazione poco dopo aver ottenuto l'approvazione degli azionisti.
ContextLogic (OTCQB: LOGC) anunci贸 el aplazamiento de su Junta Anual de Accionistas hasta el 24 de julio de 2025, sin realizar ninguna actividad. La reuni贸n se centra principalmente en una propuesta cr铆tica de Reorganizaci贸n destinada a preservar las p茅rdidas fiscales acumuladas (NOLs) de la empresa.
Actualmente, el 99% de las acciones votantes apoyan la Reorganizaci贸n, pero se necesitan m谩s votos para alcanzar la mayor铆a requerida de las acciones en circulaci贸n. La Junta insta encarecidamente a todos los accionistas a votar "A FAVOR" de la propuesta, enfatizando que la falta de voto se considera un voto en contra. La fecha l铆mite para la votaci贸n electr贸nica es a las 11:59 p.m., hora del Este, del 23 de julio de 2025.
La empresa planea ejecutar la Reorganizaci贸n poco despu茅s de recibir la aprobaci贸n de los accionistas.
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ContextLogic (OTCQB : LOGC) a annonc茅 le report de son Assembl茅e G茅n茅rale Annuelle des Actionnaires au 24 juillet 2025, sans tenir de s茅ance de travail. La r茅union concerne principalement une proposition cruciale de R茅organisation visant 脿 pr茅server les pertes fiscales reportables (NOLs) de l'entreprise.
Actuellement, 99 % des actions votantes soutiennent la R茅organisation, mais des votes suppl茅mentaires sont n茅cessaires pour atteindre la majorit茅 requise des actions en circulation. Le Conseil d'Administration exhorte vivement tous les actionnaires 脿 voter "POUR" la proposition, en soulignant que l'absence de vote sera consid茅r茅e comme un vote contre. La date limite pour le vote 茅lectronique est fix茅e au 23 juillet 2025 脿 23h59 heure de l'Est.
L'entreprise pr茅voit d'ex茅cuter la R茅organisation peu apr猫s l'approbation des actionnaires.
ContextLogic (OTCQB: LOGC) gab die Vertagung seiner Jahreshauptversammlung der Aktion盲re auf den 24. Juli 2025 bekannt, ohne dabei Gesch盲fte abzuwickeln. Die Versammlung betrifft haupts盲chlich einen wichtigen Reorganisationsvorschlag, der darauf abzielt, die steuerlichen Verlustvortr盲ge (NOLs) des Unternehmens zu erhalten.
Derzeit unterst眉tzen 99 % der abgegebenen Stimmen die Reorganisation, doch es werden weitere Stimmen ben枚tigt, um die erforderliche Mehrheit der ausstehenden Aktien zu erreichen. Der Vorstand fordert alle Aktion盲re dringend auf, mit "F脺R" zu stimmen und betont, dass Nichtabgabe einer Stimme als Gegenstimme gewertet wird. Die Frist f眉r die elektronische Abstimmung endet am 23. Juli 2025 um 23:59 Uhr Eastern Time.
Das Unternehmen plant, die Reorganisation unmittelbar nach der Zustimmung der Aktion盲re durchzuf眉hren.
- 99% of current votes support the Reorganization Proposal
- Reorganization aims to preserve valuable NOLs for future tax benefits
- Company providing extended voting period to ensure maximum shareholder participation
- Failure to secure majority of outstanding shares could risk NOL value
- Delay in stockholder approval puts company's NOLs at risk
- Trading on OTCQB market indicates delisting from major exchange
Approximately
Additional Shares Needed to Vote 鈥淔OR鈥� to Approve the Reorganization
Urges ALL Stockholders to Protect the Value of their Investment by Voting 鈥淔OR鈥� the Reorganization Proposal TODAY
OAKLAND, Calif., July 10, 2025 (GLOBE NEWSWIRE) -- ContextLogic Inc. (OTCQB: LOGC) (鈥淐ontextLogic,鈥� the 鈥淐ompany,鈥� 鈥渨e鈥� or 鈥渙ur鈥�) today announced its Annual Meeting of Stockholders (the 鈥淎nnual Meeting鈥�) being held today will convene and then adjourn without conducting any business. The Annual Meeting will reconvene at 10:00 a.m. Pacific Time on July 24, 2025. The Annual Meeting was being held in connection with the Company鈥檚 proposed reorganization plans (the 鈥淩eorganization鈥� or 鈥淩eorganization Proposal鈥�), in addition to other matters, as described in the Company鈥檚 amended and restated definitive proxy statement filed with the Securities and Exchange Commission (the 鈥淪EC鈥�) on June 18, 2025, as supplemented by the additional definitive proxy soliciting materials filed with the SEC on July 3, 2025.
To preserve the long-term value of the Company鈥檚 NOLs, the holders of a majority of ContextLogic鈥檚 outstanding shares must vote in support of the Reorganization Proposal. Approximately
Stockholders who have previously submitted their proxy or otherwise voted do not need to take any action. The proxy card included with the previously distributed proxy materials will not be updated to reflect the adjournment and may continue to be used to vote shares in connection with the Annual Meeting.
VOTING TODAY 鈥淔OR鈥� THE REORGANIZATION IS EXTREMELY IMPORTANT AND CRITICAL TO THE FUTURE OF YOUR INVESTMENT IN CONTEXTLOGIC
The ContextLogic Board of Directors urges all stockholders to protect the value of their investment, by voting听FOR听the Reorganization听TODAY. All stockholders of record as of the close of business on May 19, 2025 are entitled to vote at the Annual Meeting.
Each stockholder鈥檚 vote matters and is important no matter how many shares they own. A failure to vote is the same as voting against the Reorganization. Every day that stockholder approval is delayed puts the value of the Company鈥檚 NOLs at risk.听
How to Vote Your Shares
ContextLogic stockholders can vote online or by telephone by following the easy instructions on the previously provided proxy card.听To ensure your shares are represented at the Annual Meeting, ContextLogic stockholders are urged to vote online or by telephone by following the easy instructions on the previously provided proxy card. The new electronic voting deadline is 11:59 p.m. Eastern Time on July听23, 2025.
If you are a stockholder of record and have questions or need assistance voting your shares, please contact the Company's proxy solicitor MacKenzie Partners by calling toll-free at (800) 322-2885 or via email at .
Upon receipt of stockholder approval, the Company expects to complete the Reorganization in the days following.
About ContextLogic Inc.听
ContextLogic Inc. is a听publicly traded company currently seeking to develop and grow a de novo business and finance potential future bolt-on acquisitions of assets or businesses that are complementary to its operations. For more information on ContextLogic, please visit ir.contextlogicinc.com.听
Forward-Looking Statements听
This news release contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding ContextLogic鈥檚 plan of reorganization, including the execution timeline, impact on NOLs, financial expectations or projections, outlook, priorities, strategic direction, and other quotes of management. In some cases, forward-looking statements can be identified by terms such as 鈥渁nticipates,鈥� 鈥渂elieves,鈥� 鈥渃ould,鈥� 鈥渆stimates,鈥� 鈥渆xpects,鈥� 鈥渇oresees,鈥� 鈥渇orecasts,鈥� 鈥済uidance,鈥� 鈥渋ntends鈥� 鈥済oals,鈥� 鈥渕ay,鈥� 鈥渕ight,鈥� 鈥渙utlook,鈥� 鈥減lans,鈥� 鈥減otential,鈥� 鈥減redicts,鈥� 鈥減rojects,鈥� 鈥渟eeks,鈥� 鈥渟hould,鈥� 鈥渢argets,鈥� 鈥渨ill,鈥� 鈥渨ould鈥� or similar expressions and the negatives of those terms.听 These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Important factors, risks and uncertainties that could cause actual results to differ materially from those forward-looking statements include but are not limited to: our ability to complete the Reorganization and obtain the expected benefits; continued listing of common stock on OTC markets following Reorganization; the impact of transfer restrictions on liquidity and market price of our common stock; risks related to an ownership change; adverse effects if Reorganization is not approved; the strategic alternatives considered by our Board of Directors, including the decisions taken thereto; our ability to utilize our net operating loss carryforwards and other tax attributes; risks related to any future acquisition of a business or assets; currently pending or future litigation; risks if we are deemed to be an investment company under the Investment Company Act of 1940; impact of anti-takeover provisions in our charter documents, in our Tax Benefits Preservation Plan and under Delaware law; and the other important factors. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Further information on these and additional risks that could affect ContextLogic鈥檚 results is included in its filings with the Securities and Exchange Commission (鈥淪EC鈥�), including the amended and restated Proxy Statement/Prospectus filed on June 18, 2025, the additional definitive proxy soliciting materials filed on July 3, 2025, the Annual Report on Form 10-K for the year ended December 31, 2024, as amended by Amendment No. 1 to the Annual Report on Form 10K/A, the Quarterly Report on Form 10-Q for the period ended March 31, 2025 and other reports that ContextLogic files with the SEC from time to time, which could cause actual results to vary from expectations. Any forward-looking statement made by ContextLogic in this news release speaks only as of the day on which ContextLogic makes it. ContextLogic assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.听
Investor Relations:
Lucy Simon, ContextLogic
FAQ
When is the adjourned ContextLogic (LOGC) Annual Meeting scheduled for?
What percentage of LOGC shareholders have voted in favor of the Reorganization Proposal?
What happens if LOGC shareholders don't vote on the Reorganization Proposal?
What is the voting deadline for the LOGC Reorganization Proposal?
Why is ContextLogic seeking approval for the Reorganization Proposal?
