Wish to Return to App Stores and Search Engines in France

Rhea-AI Summary

ContextLogic Inc. (d/b/a Wish) has received approval from the French regulator DGCCRF to lift a delisting measure, allowing the company to re-enter app stores and search engines in France. This decision enables French users to download and update the Wish app on Google Play and access the website directly through search engines, marking a significant change after over 15 months of restrictions. The company expressed gratitude to the regulator for their constructive dialogue and reiterated the importance of the French market for its growth strategy.

Positive

• Lifting of the delisting measure enhances Wish's market accessibility in France.
• French users can download and update the Wish app, potentially increasing user engagement and sales.
• The decision reflects a positive relationship with the French regulator, which could facilitate future operations.

Negative

• None.

Ecommerce giant to relist following decision by French regulator to lift delisting measure

SAN FRANCISCO, March 14, 2023 (GLOBE NEWSWIRE) -- ContextLogic Inc. (d/b/a Wish) (NASDAQ: WISH), one of the world’s largest mobile ecommerce platforms, today announced that the French regulator DGCCRF (Directorate General for Competition Policy, Consumer Affairs and Fraud Control) has lifted its delisting measure against Wish, allowing the online marketplace to return to app stores and search engines in France.

Users in France are once again able to download and update the Wish app from Google Play, as well as navigate to the website directly from search engines. Wish also hopes to return to the App Store within the coming days. The landmark decision arrives more than 15 months after the injunction was originally issued.

“We want to thank DGCCRF for engaging in a constructive dialogue and are pleased to have reached a solution that allows Wish to return to the market. France is an important market to us, and we look forward to a continued partnership with DGCCRF in the future,” said Joanna Forster,
Interim General Counsel & Chief Compliance Officer at Wish.

“Procedures are now underway to return Wish to the search engines and app stores in France. We look forward to welcoming French consumers back to our platform.”

To learn more about Wish, visit www.wish.com.

About Wish
Founded in 2010 and headquartered in San Francisco, Wish is one of the largest and fastest growing global ecommerce platforms, connecting millions of value-conscious consumers in over 60 countries to thousands of merchants around 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 Wish mobile app, visit www.wish.com or follow @Wish on Facebook, Instagram and TikTok or @WishShopping on Twitter and YouTube.

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

Investor contact:
Ralph Fong, Wish
ir@wish.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 Wish's outlook; priorities; strategic direction; return to market timeline in France; business operations; and growth initiatives. 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. 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.

 

FAQ

What recent decision affected Wish's stock performance?

The French regulator DGCCRF lifted a delisting measure against Wish, allowing it to return to app stores and search engines.

When did Wish last face delisting measures in France?

Wish was originally delisted over 15 months ago before the recent approval on March 14, 2023.

How does the lifting of the delisting measure impact Wish?

It enables Wish to regain access to the French market, crucial for consumer engagement and sales.

What is the stock symbol for Wish?

The stock symbol for Wish is WISH.