(Bloomberg) -- The parent of discount online retailer Wish has agreed to sell its assets and liabilities for $173 million to Singaporean e-commerce company Qoo10.

ContextLogic Inc. will sell assets including Wish to Qoo10 for $6.50 per share in cash, according to a statement on Monday that confirmed a Bloomberg News report. 

ContextLogic will remain as an entity holding proceeds from the deal as well as $2.7 billion of so-called net operating loss carryforwards, a tax-related asset that can be used to lower taxable income in the future.

ContextLogic may seek out a financial sponsor to help monetize its tax assets, according to Monday’s statement. One way to do that would be to combine ContextLogic with a tax inefficient business, though the board is exploring various possibilities.

Shares in ContextLogic rose as much as 44% in premarket trading in New York on Monday. The stock closed at $4.50 on Friday, giving the company a market value of about $108 million. It was worth $14 billion when it went public in 2020. 

ContextLogic, which does business as Wish, has been losing money amid stiff competition from e-commerce platforms like Shein.

A transaction would be the culmination of a strategic review that ContextLogic announced in November.

The company has been under pressure from activist investor Cannell Capital, which had criticized its consistently negative results and market value collapse. 

JPMorgan Chase & Co. is advising ContextLogic and Jefferies Financial Group Inc. is working with Qoo10.

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