# EDGAR Filing Document

**Accession Number:** 0001822250
**File Stem:** 0000950170-25-089986
**Filing Date:** 2025-6
**Character Count:** 13188
**Document Hash:** decc720c23f81d8189b88eaf8ea96d5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-089986.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0000950170-25-089986

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250624

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ContextLogic Inc.
- **CENTRAL INDEX KEY:** 0001822250
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 272930953
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39775
- **FILM NUMBER:** 251074054

**BUSINESS ADDRESS:**
- **STREET 1:** 2648 INTERNATIONAL BLVD., SUITE 115
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94601
- **BUSINESS PHONE:** 415-432-7323

**MAIL ADDRESS:**
- **STREET 1:** 2648 INTERNATIONAL BLVD., SUITE 115
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94601

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** June 24, 2025<br>

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ContextLogic Inc.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-39775 | 27-2930953 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 2648 International Blvd., Ste 115  |  |  |
| Oakland**,** California |  | 94601 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** (415) 965-8476<br>

N/A<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Class A Common Stock, $0.0001 par value | LOGC | OTCQB |
| Preferred Stock Purchase Rights | N/A | N/A |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## **Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** 
On June 24, 2025, Brett Just, Chief Financial Officer of ContextLogic Inc. (the "Company"), provided notice of his intention to resign from the Company, effective June 30, 2025 (the "Effective Date"). Mr. Just's resignation is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices.

Mr. Just is entitled to certain benefits set forth in the Executive Severance and Change in Control Agreement he previously entered into with the Company and as previously disclosed by the Company. These benefits include a lump sum cash payment equal to six (6) months of Mr. Just's base salary, an additional lump sum cash payment equal to six (6) months of his benefits premiums, and accelerated vesting of his outstanding time-based equity awards.

On June 24, 2025, the Company also announced the appointment of Michael Scarola as Chief Financial Officer, effective as of the Effective Date. Mr. Scarola has developed a wide-array of back-office skills and knowledge from his role as Chief Financial Officer, Chief Operating Officer, and Chief Compliance Officer of Altai Capital over his 17-year career. At Altai Capital, Mr. Scarola is primarily responsible for all non-investment functions including fund accounting, compliance, operations, legal, information technology and investor relations. Before joining Altai Capital in March 2011, Mr. Scarola previously worked at KPMG as an Associate in the Financial Services Taxation practice. He received a Bachelor of Science degree in Commerce with Concentrations in Accounting and Finance from the University of Virginia, McIntire School of Commerce in 2008. Mr. Scarola is also a Certified Public Accountant.

In connection with Mr. Scarola's appointment and pursuant to the terms of an offer letter entered into with Mr. Scarola (the "Offer Letter") and approved by the Board, Mr. Scarola will receive a base salary of $450,000 per year. Pursuant to the terms of the Offer Letter, the Board will award Mr. Scarola restricted stock units ("RSUs") for the number of shares of the Company's Class A Common Stock ("Common Stock") equal to an aggregate target value of $179,000 divided by the average closing price of a share of the Company's Common Stock as reported on Nasdaq and OTCQB during the during the 30-trading-day period preceding the effective date, rounded down to the nearest whole share. The RSUs will vest over time based on Mr. Scarola's continuous service, with 50% of the RSUs vesting on November 15, 2025 and the remaining 50% of the RSUs vesting on May 15, 2026, subject to Mr. Scarola's continuous service.

In addition, Mr. Scarola entered into an indemnification agreement with the Company in substantially the form entered into with other officers of the Company.

## **Item 9.01. Financial Statements and Exhibits.** 
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

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| | |
|:---|:---|
| **<u>Exhibit</u>**<br>**<u>Number</u>** | **<u>Description</u>** |
| [<u>10.1</u>](https://www.sec.gov/Archives/edgar/data/0001822250/000095017024123344/logc-ex10_1.htm)<br>[<u>99.1</u>](logc-ex99_1.htm) | [<u>Form of Indemnification Agreement</u>](https://www.sec.gov/Archives/edgar/data/0001822250/000095017024123344/logc-ex10_1.htm)<br>[<u>Press release issued by ContextLogic Inc. on June 25, 2025</u>](logc-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | ContextLogic Inc. |
| Date: | June 25, 2025 | By:  | /s/ Rishi Bajaj |
|  |  |  | Rishi Bajaj<br>Chief Executive Officer<br>*Principal Executive Officer* |

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## Exhibit 99.1

**ContextLogic Appoints Finance Executive Michael Scarola as New Chief Financial Officer** 

OAKLAND, Calif., June 25, 2025 (GLOBE NEWSWIRE) -- ContextLogic Inc. (OTC: LOGC) ("ContextLogic," the "Company," "we" or "our") today announced the appointment of Michael Scarola as Chief Financial Officer, effective June 30, 2025.

"We are thrilled to appoint Michael Scarola to the position of Chief Financial Officer. This appointment reflects our strategy to streamline our business as much as possible while we pursue value maximation through organic growth and accretive acquisitions." said Rishi Bajaj, Chief Executive Officer.

Mr. Scarola currently serves as the Chief Financial Officer, Chief Operating Officer, and Chief Compliance Officer of Altai Capital, and has developed a wide array of back-office skills and knowledge over his 17-year career. At Altai Capital, Mr. Scarola is primarily responsible for all non-investment functions including fund accounting, compliance, operations, legal, information technology and investor relations.

"Rishi and I have worked together for over 14 years at Altai Capital. I am excited to bring my skillset to bear at ContextLogic in order to ensure the Company continues to operate smoothly while it pursues its transformation," said Mr. Scarola.

Prior to joining Altai Capital in 2011, Mr. Scarola served as an Associate in the Financial Services Taxation practice at KPMG. Mr. Scarola received a Bachelor of Science degree in Commerce with Concentrations in Accounting and Finance from the University of Virginia, McIntire School of Commerce in 2008. He is also a Certified Public Accountant.

Mr. Scarola will report directly to the Company's CEO, Rishi Bajaj.

**About ContextLogic Inc** 

ContextLogic Inc. is a publicly traded company currently seeking to develop and grow a de novo business and finance potential future bolt-on acquisitions of assets or businesses that are complementary to its operations. For more information on ContextLogic, please visit ir.contextlogicinc.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 ContextLogic's CFO transition and integration of the new CFO, executive management transitions and integrations, outlook, priorities, strategic direction, and other quotes of management. 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

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from the results implied by these forward-looking statements. Important factors, risks and uncertainties that could cause actual results to differ materially from those forward-looking statements include but are not limited to: the strategic alternatives considered by our Board of Directors, including the decisions taken thereto; our lack of operating revenues after the sale of substantially all of our assets in April 2024; our prior history of losses; our continuation as a publicly-traded and reporting company after the sale of substantially all of our assets; our ability to utilize our net operating loss carryforwards and other tax attributes; risks related to any future acquisition of a business or assets; currently pending or future litigation; risks if we are deemed to be an investment company under the Investment Company Act of 1940; impact of anti-takeover provisions in our charter documents, in our Tax Benefits Preservation Plan and under Delaware law; and the other important factors discussed in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. 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 ContextLogic's results is included in its filings with the Securities and Exchange Commission ("SEC"), including the Annual Report on Form 10-K for the year ended December 31, 2024, as amended by Amendment No. 1 to the Annual Report on Form 10K/A, the Quarterly Report on Form 10-Q for the period ended March 31, 2025 and other reports that ContextLogic files with the SEC from time to time, which could cause actual results to vary from expectations. Any forward-looking statement made by ContextLogic in this news release speaks only as of the day on which ContextLogic makes it. ContextLogic assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.

**Investor Relations:**<br>**Lucy Simon, ContextLogic**<br>ir@contextlogicinc.com

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