Research Notes: The WISH Activist

The AVTA story comes to a close, and the WISH story perhaps begins

Highlights:

• WISH stock has collapsed since its late 2020 IPO — and with good reason.

• So dire is the outlook that even shareholders want the business to shut down.

• As a result, the company is a deep net-net with an enterprise value of negative $430 million. That’s brought activist attention.

• The business is essentially hopeless. But there is a path forward f…