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ContextLogic (NASDAQ:WISH), the parent of discount online retailer Wish, soared 15% in premarket trading on a report that it’s in advanced discussions to sell its assets and liabilities for $173 million to Singaporean e-commerce company Qoo10.
ContextLogic (WISH) may announce a sale of assets, including Wish, as soon as this week for $6.50 per share in cash, according to a Bloomberg report on Monday, which cited people familiar with the matter.
ContextLogic (WISH) would remain the entity that holds the proceeds from the sale as well as $2.7 billion of operating loss carryforwards, according to the report. The company may look for a private equity firm to help sell off its tax assets.
A potential sale comes after ContextLogic (WISH) announced a review of strategic alternatives in November.