Wix Authorizes $200 Million Share Repurchase Program

Ticker: WIX · Form: 6-K · Filed: 2024-07-10T00:00:00.000Z

Sentiment: bullish

Topics: share-repurchase, board-authorization, capital-return

Related Tickers: WIX

TL;DR

WIX just authorized a $200M buyback - management thinks the stock is cheap!

AI Summary

On July 10, 2024, Wix.com Ltd. (NASDAQ: WIX) announced that its Board of Directors has authorized a new share repurchase program of up to $200 million. This program allows the company to buy back its ordinary shares over a period of time, reflecting confidence in the company's value and a commitment to returning capital to shareholders.

Why It Matters

This significant share buyback program signals management's belief that the company's stock is undervalued and can boost earnings per share by reducing the number of outstanding shares.

Risk Assessment

Risk Level: low — The filing is a standard announcement of a share repurchase program, which is a common corporate action and does not introduce new operational or financial risks.

Key Numbers

Key Players & Entities

FAQ

What is the total amount authorized for the share repurchase program?

The Board of Directors has authorized a share repurchase program of up to $200 million.

When was this share repurchase program announced?

The announcement was made on July 10, 2024.

What is the ticker symbol for Wix.com Ltd.?

The ticker symbol for Wix.com Ltd. is WIX, traded on NASDAQ.

What type of filing is this announcement made under?

This announcement is made via a Form 6-K filing with the SEC.

What is the primary purpose of a share repurchase program?

A share repurchase program allows a company to buy back its own shares from the open market, which can reduce the number of outstanding shares and potentially increase earnings per share.

From the Filing

0001576789-24-000018.txt : 20240710 0001576789-24-000018.hdr.sgml : 20240710 20240710095041 ACCESSION NUMBER: 0001576789-24-000018 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240710 FILED AS OF DATE: 20240710 DATE AS OF CHANGE: 20240710 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Wix.com Ltd. CENTRAL INDEX KEY: 0001576789 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] ORGANIZATION NAME: 06 Technology IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36158 FILM NUMBER: 241108894 BUSINESS ADDRESS: STREET 1: 5 YUNITSMAN ST. CITY: TEL AVIV STATE: L3 ZIP: 000000 BUSINESS PHONE: 97235454900 MAIL ADDRESS: STREET 1: 5 YUNITSMAN ST. CITY: TEL AVIV STATE: L3 ZIP: 000000 FORMER COMPANY: FORMER CONFORMED NAME: Wixpress Ltd. DATE OF NAME CHANGE: 20130513 6-K 1 wix-6xkx200msharerepurchas.htm 6-K Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of July 2024 Commission File Number: 001-36158 Wix.com Ltd. (Translation of registrant’s name into English) 5 Yunitsman St., Tel Aviv, Israel, 6936025 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ EXPLANATORY NOTE On July 10, 2024, Wix.com Ltd. (NASDAQ: WIX) issued a press release titled “Wix Announces Board Authorization of $200 Million Share Repurchase Program”. A copy of this press release is attached to this Form 6-K as Exhibit 99.1 . SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: July 10, 2024 WIX.COM LTD. By:     /s/ Naama Kaenan Name:     Naama Kaenan Title:     General Counsel EXHIBIT INDEX The following exhibit is filed as part of this Form 6-K: Exhibit Description 99.1 Press release dated July 10 , 2024 titled “Wix Announces Board Authorization of $200 Million Share Repurchase Program ” . EX-99.1 2 wix-prx200msharerepurchase.htm EX-99.1 Document Exhibit 99.1 Wix Announces Board Authorization of $200 Million Share Repurchase Program NEW YORK, July 10, 2024 -- Wix.com Ltd. (NASDAQ: WIX ) (“Wix,” the “Company,” “we” or “our”), today announced that its Board of Directors (the “Board”) authorized a program to repurchase the Company’s securities (ordinary shares and/or convertible notes), in an amount up to $200 million. This repurchase program, in addition to the more than $1 billion of aggregate share repurchases executed by the Company since late 2021, demonstrates the Board’s continued confidence in the Company’s ability to drive strong cash flow generation and ongoing commitment to increasing shareholder value. Under the Board authorized repurchase program, Company securities may be repurchased from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with U.S. securities laws and regulations, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended (the “ Exchange Act ”). The Company may also, from time to time, enter into plans that are compliant with Rule 10b5-1 of the Exchange Act to facilitate repurchases of its securities under this authorization. The repurchase program does not obligate the Company to acquire any particular amount of securities, and the repurchase program may be suspended or

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