In an article published June 7th, entitled "ContextLogic Inc. 's (NASDAQ:WISH) Lock-Up Period Set To Expire on June 14th" MarketBeat told readers incorrectly that "ContextLogic's (NASDAQ:WISH) lock-up period is set to expire on Monday, June 14th. ContextLogic had issued 46,000,000 shares in its IPO on December 16th. The total size of the offering was $1,104,000,000 based on an initial share price of $24.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the expiration of the lock-up period.
According to the company's 10-K (Annual report) filed (2021-03-25). Those shares were actually released the opening of trading on the second trading day immediately following our release of earnings for the first quarter of fiscal 2021. Since First Quarter Earnings were announced May 12, 2021 so shares were released May 25th, 2021.
On 06-09-2021 The stock became the focus of a "Short squeeze" campaign by Wall Street Bets and has continued to be the focus of attention from investors and option call fans who showed an unusual amount of open interest in both $20 and $30 calls. While there is some back and forth about whether the stock is actually a good short squeeze candidate, the non-Reddit suits have taken an interest in the stock because it appears to be undervalued using a number of different value methods.
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