CONTEXTLOGIC INC. : Costs Associated with Exit or Disposal Activities, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

Item 2.05 Costs associated with eviction or disposal activities.

upon January 31, 2023, Context Logic Inc. (the “Company”) has announced plans to reduce its workforce by up to 150 people. This represents approximately 17% of our current global workforce (“Planned”). This plan is intended to refocus our business to support our ongoing business prioritization efforts, better align resources and improve operational efficiency.

Our company is about
$3 million To $4 million In connection with the Plan, it primarily relates to employee severance and other redundancies. The Company expects the majority of these charges to be incurred in his first quarter of 2023, with implementation of the plan substantially completed by the end of his second quarter of 2023.

Our company has a run rate of about $14 million To
$23 million Annualized basis starting Q3 2023.

Estimates of fees and expenses we anticipate incurring in connection with the Plan are subject to many assumptions, including local laws and consultation requirements in various jurisdictions, and the actual magnitude of any workforce reductions; may vary significantly. from the estimate. We may also incur charges and expenses not currently anticipated due to unforeseen events that may occur in connection with the Plan.

Section 7.01 Regulation FD Disclosure.

upon January 31, 2023, Jun YangOur Interim Chief Executive Officer, has notified our employees of the job reductions described in item 2.05 above. A copy of the message is provided as Exhibit 99.1 and is incorporated herein by reference. Information provided in this Section 7.01, including Exhibit 99.1, shall not be deemed to be “submitted” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Securities Exchange Act”) or otherwise is not subject to that liability. nor shall they be deemed to be incorporated by reference into any other filings under the Securities Act of 1933 (as amended) or the Securities Exchange Act.

Forward-Looking Statements

This current report contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. priorities; strategic direction; force reduction plans and their impact on prioritizing efforts, coordinating resources, and improving operational efficiency; Implementation of workforce reduction plans and related costs. business operations; commitment to growth; In some cases, forward-looking statements are defined as “expects,” “believes,” “may,” “estimates,” “expects,” “anticipates,” “predicts,” or “guidance.” , and can be identified by terms such as “intended”. “goal”, “may”, “could”, “prospect”, “plan”, “potential”, “forecast”, “project”, “seek”, “should”, “goal” , “will”, “will” or similar expressions and negation of those terms. These forward-looking statements are subject to risks, uncertainties and assumptions. If the risks materialize or the assumptions prove incorrect, actual results may differ materially from those implied by these forward-looking statements. New risks arise from time to time. It is not possible for our management to anticipate all risks and the effect that all factors may have on our business, or any factor or combination of factors, may cause the actual results to differ from those contained in futures contracts. Nor can we assess the extent to which it is likely to be significantly different. -A look statement we might make. For more information about these and other risks that may affect Wish results, please visit Securities and Exchange Commission (“SEC”), including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and any future reports Wish may file. SEC Therefore, actual results may differ from expectations. Any forward-looking statements made by Wish in this current report speak only as of the date Wish makes them. Wish undertakes no obligation to update such forward-looking statements after the date of this most recent report, and does not intend to do so at this time.

Item 9.01 Financial Statements and Materials.

(d) Exhibits

Exhibit
Number       Description

99.1           Message to ContextLogic Inc. employees from Jun Yan on January 31,
             2023

104          Cover Page Interactive Data File (embedded within the Inline XBRL
             document)

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