NEW YORK - Wix.com Ltd. (NASDAQ:WIX), a leading global SaaS platform, has announced regulatory amendments in Israel that simplify the share repurchase process for public companies like itself. These changes, effective immediately, remove the need for Israeli court approval previously mandatory for such transactions, provided certain conditions are met.
The Israeli Companies Regulations (Relief for Public Companies Whose Securities are Traded on Stock Exchanges Outside of Israel, 5760-2000), known as the Relief Regulations, still require companies to obtain other necessary legal approvals. This development will allow Wix to more swiftly implement its share repurchase activities.
Wix is currently in the process of securing the required approvals under Israeli law, in accordance with the new Relief Regulations, to carry out an additional $225 million in share repurchases as authorized by its Board of Directors.
Wix, established in 2006, has evolved from a website builder to a comprehensive platform offering a range of services including commerce and business solutions, advanced SEO, marketing tools, and AI technologies. The platform is designed to empower self-creators, agencies, and enterprises with performance, security, and a reliable infrastructure. Wix Studio, part of the Wix ecosystem, provides an advanced creation and management platform for agencies and freelancers.
The information in this article is based on a press release statement from Wix.com Ltd.
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