ContextLogic adopts tax benefits preservation plan (poison pill) to protect NOLs

ContextLogic Inc.

Board declared dividend of one Right per share of common stock; exercise price $20.00 per Right.
Rights become exercisable if any person or group acquires 4.9%+ of common stock (Acquiring Person).
Upon flip-in, each Right (except those of Acquiring Person) allows purchase of $40 of common stock for $20.
Plan effective until Feb 10, 2027; redeemable at $0.001 per Right before any person becomes Acquiring Person.
Certificate of Designation for 3M shares of Series A Junior Participating Preferred Stock filed in Delaware.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

ContextLogic Inc.: Filed a Certificate of Designation for Series A Junior Participating Preferred Stock in connection with a tax benefits preservation plan (effective 2024-02-12).

Change: charter amendment
Effective: 2024-02-12

Exact text from the filing

the Board approved a Certificate of Designation of Series A Junior Participating Preferred Stock, which designates the rights, preferences and privileges of 3,000,000 shares of a series of the Company’s preferred stock, par value $0.0001 per share, designated as Series A Junior Participating Preferred Stock.

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Source: SEC EDGAR

accession 0001213900-24-012317

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