Wix.com Seeks approval for a $500 million share buyback representing 9% of Investment.com’s outstanding shares
© Reuters Wix.com (WIX) Seeks approval for a $500 million share buyback representing 9% of shares outstanding
Shares of Wix.com 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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