Wish parent company ContextLogic said that its board has initiated a process to explore strategic alternatives, retaining J.P. Morgan as its financial adviser for the review.
Sidley Austin LLP is acting as legal counsel.
The direct-to-consumer e-commerce company, which sells low-cost products made by manufacturers China, has not set a timeline to complete the review, nor does not intend to comment further on the process at this time.
"It is possible that Wish may not pursue a strategic alternative as a result of this process, that a strategic alternative that has been pursued may not be attractive, or that a strategic alternative may not ultimately be consummated," the company said.
ContextLogic announced the review as it released third-quarter results, posting $60 million in revenue and a loss of $3.35 a share.
The company launched its initial public offering in December 2020 after raising billions of dollars in investment capital. In August, ContextLogic cut a third of its workforce, equal to about 255 employees.
Stocks rose slightly in extended trading.
