ContextLogic Inc. (NASDAQ: LOGC) and BC Partners announced a strategic partnership involving a $150 million investment in convertible preferred units from ContextLogic Holdings, LLC. This deal, led by BC Partners' credit arm, aims to provide ContextLogic with up to $300 million in capital and $2.7 billion in net operating losses. The investment will support growth through acquisitions, with ContextLogic owning 58.4% and BC Partners 41.6% of Holdings' common units. LOGC shares rose 16.30% to $8.39.

SAN FRANCISCO, April 19, 2024 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish) (NASDAQ: WISH) (“ContextLogic” or the “Company”) announced its stockholders have approved the Asset Sale transaction with Qoo10 Pte. Ltd. (“Qoo10”) at yesterday’s Special Meeting of Stockholders (the “Special Meeting”). The transaction is expected to close later today, April 19, 2024.Rishi Bajaj, who will become Chief Executive Officer and Chairman of the Board at the closing of the Asset Sale, stated: “On behalf of the Board of Directors, we would like to thank our stockholders for their support of the Asset Sale. Having achieved this important milestone, we look forward to closing the transaction later today and using the proceeds and our other post-closing cash to maximize the value of the Company’s NOLs for the benefit of our stockholders.”Approval of the Asset Sale required the approval of the holders of at least a majority of the Company’s outstanding common shares