ContextLogic Inc. (d/b/a Wish) (NASDAQ: WISH), one of the world’s
largest mobile ecommerce platforms, today announced the company
expects to join the broad-market Russell 3000® Index after the
conclusion of the 2022 Russell indexes annual reconstitution,
effective after the market opens on June 27, 2022, according to a
preliminary list of additions posted June 3, 2022.
Annual Russell indexes reconstitution captures the
4,000 largest US stocks as of May 6, 2022, ranking them by total
market capitalization. Membership in the US all-cap Russell 3000®
Index, which remains in place for one year, means automatic
inclusion in the large-cap Russell 1000® Index or small-cap Russell
2000® Index as well as the appropriate growth and value style
indexes. FTSE Russell determines membership for its Russell indexes
primarily by objective, market-capitalization rankings and style
attributes. “We’re pleased to be joining the Russell 3000®, as it
greatly broadens Wish’s visibility among the investment community,”
said Vijay Talwar, Wish’s CEO.
Russell indexes are widely used by investment
managers and institutional investors for index funds and as
benchmarks for active investment strategies. Approximately $12
trillion in assets are benchmarked against Russell’s US indexes.
Russell indexes are part of FTSE Russell, a leading global index
provider.
For more information on the Russell 3000® Index,
go to the “Russell Reconstitution” section on the FTSE Russell
website.
About Wish:
Wish 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 hundreds of thousands of merchants
globally. 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.
About FTSE Russell:
FTSE Russell is a global index leader that
provides innovative benchmarking, analytics and data solutions for
investors worldwide. FTSE Russell calculates thousands of indexes
that measure and benchmark markets and asset classes in more than
70 countries, covering 98% of the investable market globally.
FTSE Russell index expertise and products are used
extensively by institutional and retail investors globally.
Approximately $20 trillion is currently benchmarked to FTSE Russell
indexes. For over 30 years, leading asset owners, asset managers,
ETF providers and investment banks have chosen FTSE Russell indexes
to benchmark their investment performance and create ETFs,
structured products and index-based derivatives.
A core set of universal principles guides FTSE
Russell index design and management: a transparent rules-based
methodology is informed by independent committees of leading market
participants. FTSE Russell is focused on applying the highest
industry standards in index design and governance and embraces the
IOSCO Principles. FTSE Russell is also focused on index
innovation and customer partnerships as it seeks to enhance the
breadth, depth and reach of its offering.
FTSE Russell is wholly owned by the London Stock
Exchange Group.
For more information, visit
www.ftserussell.com.
Forward-Looking Statements
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 being added to Russell indexes, Wish’s outlook, impacts
on strategic visibility as a result of inclusion on the Russell
indexes, expectations with respect to revenue, merchant
relationships, new business strategies and our ability to execute
on new strategic priorities related to our turnaround efforts, the
turnaround timeline, including user growth, the potential impact of
our marketing and ad spending and product initiatives, and the
anticipated return on our investments and their ability to drive
future growth. In some cases, forward-looking statements can be
identified by terms such as “anticipates,” “believes,” “could,”
“estimates,” “expects,” “foresees,” “forecasts,” “guidance,”
“intends,” “goals,” “may,” “might,” “outlook,” “plans,”
“potential,” “predicts,” “projects,” “seeks,” “should,” “targets,”
“will,” “would,” or similar expressions and the negatives of those
terms. 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. Risks
include, but are not limited to: decisions by the London Stock
Exchange Group with respect to the Russell indexes, our ability to
stay in Russell indexes, attract, retain and monetize users; risks
associated with software updates to the platform; the effectiveness
of our CEO transition; the success of our execution on new business
strategies; compromises in security; changes by third-parties that
restrict our access or ability to identify users; competition;
disruption, degradation or interference with the hosting services
we use and infrastructure; our financial performance and
fluctuations in operating results; pressure and fluctuation in our
stock price, including as a result of short selling and short
squeezes; challenges in our logistics programs; challenges in
growing new initiatives; the effectiveness of our internal
controls; the continued services of members of our senior
management team; our ability to offer and promote our app on
the Apple App Store and the Google Play Store; the
dual class structure of our common stock; our brand; legal matters;
the ongoing COVID-19 pandemic; supply chain issues; global
conflicts, including the Russian invasion of Ukraine; and
economic tension between the United
States and China. 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 Wish’s results is
included in its filings with the Securities and Exchange
Commission (“SEC”), including its most recent Annual Report on
Form 10-K and Quarterly Report on Form 10-Q, and future reports
that Wish may file with the SEC from time to time, which
could cause actual results to vary from expectations. Any
forward-looking statement made by Wish in this news release speaks
only as of the day on which Wish makes it. Wish assumes no
obligation to, and does not currently intend to, update any such
forward-looking statements after the date of this release.
Contacts:
Investor Relations: Randy
Scherago, Wish ir@wish.com
Media Contacts: Carys
Comerford-Green, Wish press@wish.com
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