Wish Reassures Investors of Limited Financial Exposure in Silicon Valley Bank

Rhea-AI Summary

ContextLogic (Wish) addresses concerns regarding the collapse of Silicon Valley Bank (SVB) in a statement issued on March 13, 2023. According to CFO Vivian Liu, less than 5% of the company's $719 million in cash and cash equivalents were held at SVB as of December 31, 2022. Therefore, the company does not anticipate any material impact on its liquidity or daily operations due to SVB's situation. Wish emphasizes its diversified banking relationships with large national institutions to safeguard its financial stability.

SAN FRANCISCO, March 13, 2023 (GLOBE NEWSWIRE) -- 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 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 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, Wish
ir@wish.com

Media contact:
Carys Comerford-Green, Wish
press@wish.com

FAQ

How much cash does Wish have as of December 31, 2022?

As of December 31, 2022, Wish had $719 million in cash and cash equivalents.

What percentage of Wish's cash was held at Silicon Valley Bank?

Less than 5% of Wish's cash was held at Silicon Valley Bank.

Will the SVB collapse affect Wish's operations?

Wish does not expect the SVB collapse to materially impact its liquidity or day-to-day operations.

Who is the CFO of Wish?

The CFO of Wish is Vivian Liu.

When was the statement about SVB issued by Wish?

The statement regarding SVB was issued on March 13, 2023.