Wish Reassures Investors of Limited Financial Exposure in Silicon Valley Bank
March 13 2023 - 4:05PM
ContextLogic Inc. (d/b/a Wish or the “Company”) (NASDAQ: WISH), one
of the world’s largest mobile ecommerce platforms, today issued the
following statement in response to the recent collapse of Silicon
Valley Bank (SVB).
“ContextLogic maintains its cash and short-term investments with
a diverse group of large national financial institutions,” said
Vivian Liu, Chief Financial Officer and Chief Operating Officer of
Wish. “As of December 31, 2022, less than 5% of the Company’s $719
million of cash, cash equivalents and marketable securities was
held at Silicon Valley Bank (SVB). Therefore, we do not expect the
SVB situation to materially impact the Company’s overall liquidity
position or its day to day operations.”
About WishWish brings an affordable and
entertaining shopping experience to millions of consumers around
the world. Since our founding in San Francisco in 2010, we have
become one of the largest global ecommerce platforms, connecting
millions of value-conscious consumers to merchants all over the
world. Wish combines technology and data science capabilities and
an innovative discovery-based mobile shopping experience to create
a highly-visual, entertaining, and personalized shopping experience
for its users. For more information about the company or to
download the Wish mobile app, visit www.wish.com or follow @Wish on
Facebook, Instagram and TikTok or @WishShopping on Twitter and
YouTube.
Investor contact:Ralph Fong,
Wishir@wish.com
Media contact:Carys Comerford-Green,
Wishpress@wish.com
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