Business Seeks approval for a $500 million share buyback representing 9% of’s outstanding shares

© Reuters (WIX) Seeks approval for a $500 million share buyback representing 9% of shares outstanding

Shares of Ltd. (NASDAQ:) rallied hours after it was announced that the company’s Board of Directors had authorized a $500 million stock buyback program.

Wix plans to apply for court approval in Israel for its acquisition program.

Based on the current price of around $95 per share, the company could buy back about 5.26 million shares or 9.2% of the outstanding shares if approved.

Today, the company also announced it will host Virtual Analyst & Investor Day on May 19, which will hopefully provide a detailed overview of the company’s key growth initiatives and present three-year financial plan and long-term financial framework. The company will report first-quarter earnings on May 16.

By David Kirakosyan

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