ContextLogic (WISH) began trading on the Nasdaq on Wed 16 Dec 20

• Note May 13, 2024: Class A common stock will begin trading on NASDAQ under the ticker symbol “LOGC”. This will replace the company's current ticker symbol “WISH”, which has been used since its initial public offering in December 2020.

ContextLogic (WISH), the parent company of e-commerce retailer Wish, provides an e-commerce platform that connects primarily China-based merchants with value-conscious customers mostly in Europe and North America.

The San Francisco-based ContextLogic offered 46 million shares at $24, the high end of its estimated price range of $22 to $24. That gave it a fully diluted market valuation near $17 billion.

• Wish stock plunged 16.5%, closing at 20.05.
• The Wish IPO raised $1.1 billion.
• Wish had the worst first day listing of any unicorn to go public in 2020, dropping 17% in the first day of trading prior to a partial recovery to end the week at -2%.

The e-commerce company says it appeals to "value-conscious consumers." It carries products from more than 500,000 merchants, mostly from China, offering some 150 million items. Wish has more than 100 million monthly active users.

Peter Szulczewski, co-founder and CEO of Wish, joins "Squawk on the Street" 

For the nine-month period ended Sept. 30, Wish reported revenue of $1.75 billion, up 33% from the year-ago period. It reported a loss of $120 million vs. a $24 million loss a year ago.