Alta, Wyoming--(Newsfile Corp. - December 10, 2023) - Cannell Capital LLC ("Cannell Capital") has been a patient, long-term oriented shareholder of ContextLogic, Inc. ("WISH"). ContextLogic, Inc. operates the e-commerce website wish.com and the company's common stock trades on the Nasdaq Stock Market.
The Board of Directors of WISH has taken advantage of that patience and squandered shareholder value. Investors in the ContextLogic, Inc. IPO have seen nearly their entire investment wiped out.
It appears that insiders at WISH were issuing optimistic forecasts while at the same time selling their own stock in the open market. Cannell Capital observes that the selling of stock by insiders could be construed as evidence that the insiders of WISH had a disincentive to be truthful to shareholders.
Cannell Capital is shocked and dismayed that the Board has added only one shareholder representative rather than the multiple shareholder representatives that are needed on the Board of Directors. Cannell Capital demands the immediate addition of two additional shareholder representatives to the Board.
After a period of quiet effort behind the scenes to persuade the Board to do the right thing, Cannell Capital reluctantly responded to the problems at WISH by forming "Rescue WISH." Rescue WISH is dedicated to salvaging as much value for shareholders as possible.
Rescue WISH will engage with journalists, analysts, proxy advisory firms, and shareholders of WISH to tell the story of the Board's failures and the Board's destruction of shareholder value.
Interested parties are asked to contact Rescue WISH.
Rescue WISH
David Pointer, Chairman
(509) 319-2345
https://www.rescuecontextlogic.com/
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/190485
